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.