Comments from Powell:
- We cut to provide insurance against ongoing risks
- Fed continues to expect the economy to expand at a moderate rate
- Many who have struggled are now getting opportunities
- Inflation pressures remain muted
- We're mindful that low inflation could push down inflation expectations
- Weakness in global growth and trade pose ongoing risks
- Current stance of monetary policy likely to remain appropriate
- We would respond if outlook materially changes
This is skewing hawkish. The Fed is signaling that it doesn't plan to cut further.
