- Slowdown largely reflects slowing consumer spending
- Business investment has accelerated
- Disinflation on services is continuing
- Job gains are running below the breakeven rate
- Labor demand has softened
- A reasonable expectation is that tariffs will be short-lived but it's also possible that tariff effects could be more-persistent
- Our aim is to make sure that a one-time shift doesn't become an ongoing problem
- Balance of risks have shifted with downside risks rising to employment
- We took another step towards neutral
- We remain positioned to respond in a timely way
The initial dovish moves in markets have largely faded and the US dollar is back to pre-decision levels.
