Powell: Annual jobs revision almost exactly what we expected

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

Recent indicators suggest that growth of economic activity moderated in the first half of the year. Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has moved up and remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment have risen. In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4 to 4‑1/4 percent. In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective. FOMC STATEMENT COMPARE: pic.twitter.com/6gTcajtaKz One dissenter: Voting against this action was Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/2 percentage point at this meeting. FED SAYS DOWNSIDE RISKS TO EMPLOYMENT HAVE RISEN

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"