Fed Chair Jay Powell’s approach to cutting interest rates based on forecasts that inflation will continue moving lower could be summed up by the phrase “Trust, but verify.” He used the word “confident” or “confidence” 20 times at a press conference www.wsj.com/economy/central-banking/stung-by-past-mistakes-a-wary-fed-takes-its-time-e361a364?st=57v57wvnlafntfi

Powell: "If you look back in five or ten years and try to pull out the significant to the U.S. economy of one 25-basis-point cut, you have quite a job on your hands."

From the @WSJ article by @NickTimiraos, "Stung by Past Mistakes, a Wary Fed Takes Its Time." Needless to say, the risk here, which I put at 35% probability, is that the #FederalReserve waits too long and, thereby, damages economic growth and financial stability, imposing yet… pic.twitter.com/1AnSPwY8A5

Summary of Fed Chair Powell today: 1) He opened the door to a September rate cut (He said 1 or 2 are "plausible" in 2024) 2) Economy remains strong. "We're getting good results here" 3) Fed needs more good data on inflation 3) He thinks labor market is back to 2019 conditions pic.twitter.com/y0fGgfZzzB