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Powell's appearance is at 10 am but the opening statement is usually released early.
- Do not expect to cut until we have greater confidence inflation moving toward 2%
- Policy rate likely at its peak for the cycle
- We will carefully assess incoming data, evolving outlook, balance of risks
- Labor market remains relatively tight
- Labor demand still exceeds supply; nominal wage growth has been easing
- Risks to achieving dual mandate coming into better balance
- While inflation is above 2%, it has eased substantially
There isn't anything new here from what the Fed has been saying for weeks.
