Powell: A 50 basis point rate cut would keep the labor market strong and inflation on track

Fed Chairman Powell delivered a speech at the National Association for Business Economics, saying: "The U.S. economy is in good shape, the labor market is in a solid state, and the labor market is roughly balanced. The decline in inflation has a broad basis, and recent data show further progress in achieving a sustained return to the 2% target. The 50 basis point rate cut reflects the growing confidence that appropriate policy adjustments can maintain a strong labor market and inflation toward the target. The revision of gross domestic income (GDI) eliminates the downside risks that the Fed is considering." (Jinshi)