Fed's Powell: Housing inflation is one piece that is dragging a bit

post: 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: WE DON'T NEED TO SEE FURTHER LOOSENING OF LABOR MARKET TO GET INFLATION DOWN TO 2%. post: POWELL: IMMIGRATION IS ONE OF THE THINGS THAT HAS ALLOWED UNEMPLOYMENT RATE TO RISE post: Powell: "It feels to me the neutral rate is probably significantly higher than it was back then" [before the pandemic]. post: FED'S POWELL: WE ARE NOT DECLARING VICTORY ON INFLATION.

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.