Powell: No widespread support for 50 bps cut today; No need to move quickly, waiting was right call

POWELL: EXPECT TARIFF-DRIVEN PRICE INCREASES TO CONTINUE THIS YEAR AND NEXT Fed's Powell: It's possible tariffs are a reason for some slowing in labor market. Fed's Powell: Increase in goods prices accounts for most of inflation increase this year. *POWELL: REVISED JOBS NUMBERS MEAN LABOR MARKET NO LONGER SOLID Fed's Powell: Change in balance of risks suggests need to move in direction of neutral.

POWELL: INFLATION HAS RISEN RECENTLY, REMAINS SOMEWHAT ELEVATED Fed Chair Powell: Inflation Has Risen Recently, Remains Somewhat Elevated - Moderation In GDP Growth Largely Reflects Consumer Spending Slowdown - Payroll Job Gains Have Slowed Significantly, Reflecting Lower Immigration, Lower Participation Fed's Powell: Inflation for goods has picked up, disinflation for services continuing. Fed's Powell: Beyond next year most inflation-expectation measures consistent with 2% goal. Fed’s Powell Says Individual Forecasts Are Not A Plan; Policy Not On A Preset Course

POWELL: 'PEOPLE MORE AT THE MARGINS' HAVING HARD TIME FINDING JOBS Fed's Powell: If start to see layoffs, that could quickly push up unemployment because hiring rate low. That's one reason we think it's appropriate to shift policy focus toward a more balanced one. Fed’s Powell Says Policy Shift Toward Balance Is Appropriate; Emphasizes Data-Dependent, Meeting-By-Meeting Approach Powell: We have 10 participants who wrote down 2 more cuts for the rest of the year and 9 saw less than that pic.twitter.com/rh2ezTnNrc Fed’s Powell Says Divide On Rate Path Reflects Differing Economic Views And Policy Judgments; Calls Wide Dispersion Natural In Current Situation

Fed's Powell: Annual jobs revision almost exactly what we expected. Fed's Powell: Data we get from BLS is still good enough to do our work. Issues with data right now are about low response rates. Fed’s Powell Says Fed Will Not Make Decisions Based On Politics; Declines To Comment On Cook’s Court Case Fed Chair Powell: Don't Know That Quarter Point Cut Will Make A Huge Difference - Have To Look At The Whole Path Of Rates, And Expectations Powell Says Artificial Intelligence Could Contribute To Hiring Slowdown

Fed’s Powell Says Tariffs Mostly Paid By Middlemen Firms; Notes They Intend To Pass On Higher Costs But Haven’t Yet Fed's Powell: I think goods inflation is contributing 0.3 or 0.4 to PCE inflation. Fed’s Powell Says Goods Inflation Was Generally Negative Over Past 25 Years; Now Running At 1.2% Over The Past Year Fed’s Powell Says Economy Isn’t Bad, But Policy Decisions Remain Challenging Powell Says "Breakeven Rate For Job Growth Has Clearly Come Way Down"