EY-Parthenon economists: Powell seems more dovish, most policymakers are expected to favor a 25 basis point rate cut in September

"Powell appears to be more dovish than his peers," said Gregory Daco and Lydia Boussour, economists at Ernst & Young Parthenon. "Nevertheless, unless there is a material deterioration in the labor market in the coming weeks, we still expect most policymakers to favor a 25 basis point rate cut in September."