Comments from Powell in Atlanta
Most of the hard data remains solid
Today's data was very strong
The data doesn't raise concerns about inflation
Yesterday's ISM manufacturing report was well below expectations but it had been at extremely high levels
The sharp one-month drop "is something worth keeping an eye on"
China's consumers appears to be slowing down
China should continue to expand at a 'sill solid' pace
Good data still is the story
Markets are sending different signals than data and that creates tension
Inflation has been 'muted'. We will be patient as we watch to see how the economy evolves
Powell says Fed listening carefully to market's risk concerns
We will be prepared to adjust policy quickly and flexibly should that be needed
The final line was Powell's final line of his prepared comments. The line 'quickly' is especially notable, it's a dovish shift. He's basically putting on a Powell put.