🗣️Fed Chair Jerome Powell:

•It is time to adjust monetary policy.

•We will do everything we can to support a strong labor market while making more progress toward price stability.

•Conditions are much more normal now than they have been.

•We are not looking for any further cooling in the labor market, and we should welcome that.

•I am more confident that inflation is on track to return to the 2% target.

•Inflation has slowed significantly, and we are much closer to the target.

•The timing and pace of rate cuts will depend on data, outlook, and balance of risk.

•Inflation is now closer to our target.