Gold Finance reported that Fed Chair Powell stated that long-term inflation expectations appear to be well anchored; we are mindful of the significant challenges posed by high inflation; upside inflation risks have receded.

Fed Chair Powell said that there is no indication in the forecast that the Fed is acting hastily; the Fed can accelerate, slow down, or pause rate cuts if appropriate; if the economy remains robust, we can slow the pace of rate cuts; likewise, if the labor market worsens, we can also respond; our forecasts are not plans or decisions, and we will adjust policy as needed; taking risks into account, we are lowering interest rates by 50 basis points today; this adjustment will help maintain the strength of the economy and the labor market.