Fed's Powell: Retail sales and Q2 GDP indicate an economy growing at a solid pace, which will also support labor market

post: FED'S POWELL: THERE WAS BROAD SUPPORT FOR A 50 BPS CUT TODAY. post: POWELL: WE DON'T THINK WE ARE BEHIND THE CURVE post: POWELL: NO ONE SHOULD LOOK AT TODAY AND THINK THIS IS THE NEW PACE post: FED'S POWELL: WE ARE NOT THINKING ABOUT STOPPING RUNOFF BECAUSE OF THIS AT ALL. post: FED'S POWELL: CLEARLY LABOR MARKET CONDITIONS HAVE COOLED, BUT LEVEL OF CONDITIONS IS PRETTY CLOSE TO MAX EMPLOYMENT.

post: FED'S POWELL: IF THE ECONOMY REMAINS SOLID AND INFLATION PERSISTS, WE CAN DIAL BACK POLICY MORE SLOWLY. post: FED'S POWELL: IF THE LABOR MARKET DETERIORATES WE CAN RESPOND. post: POWELL: ASKED ABOUT 50 BPS CUT, SAYS SINCE LAST MEETING THERE'S BEEN A LOT OF DATA INCLUDING DURING BLACKOUT POWELL: BENCHMARK REVISIONS SHOWED PAYROLLS MAY BE REVISED DOWN POWELL: WE CONCLUDED THAT 50 BPS CUT WAS THE RIGHT THING POWELL: WE WILL MAKE FUTURE DECISIONS BASED… post: POWELL: NOTHING IN OUR PROJECTIONS THAT SUGGEST WE ARE IN A RUSH post: FED'S POWELL: WE LEFT OPEN THE SIZE OF RATE CUT GOING INTO BLACKOUT.

post: POWELL: LONGER TERM INFLATION EXPECTATIONS APPEAR WELL ANCHORED post: POWELL: CONSUMER SPENDING HAS REMAINED RESILIENT post: FED'S POWELL: INFLATION HAS EASED NOTABLY, BUT REMAINS ABOVE OUR GOAL. post: *POWELL: WILL CONTINUE TO MAKE DECISIONS MEETING-BY-MEETING post: FED'S POWELL: UPSIDE RISKS TO INFLATION HAVE DIMINISHED AND DOWNSIDE RISKS TO THE LABOR MARKET HAVE RISEN.

post: FED'S POWELL: HOUSING INFLATION IS ONE PIECE THAT IS DRAGGING A BIT. post: FED'S POWELL: MARKET RENTS ARE DOING WHAT WE WANT THEM TO DO, BUT THEY ARE NOT COMING DOWN AS MUCH AS EXPECTED.