Powell's Speech Key Takeaways:

Interest rates were lowered by 25 basis points (0.25%), with the new range being 4.00% – 4.25%. This is the first rate cut since December 2024.

The labor market is weak (job gains have slowed), and the unemployment rate has slightly increased, but overall employment levels have not collapsed. Powell emphasized that "the risk of decline is increasing in terms of employment."

Inflation remains elevated, although some upward pressure is coming from tariff policies, but these are viewed as one-off factors and may not lead to sustained inflation.

Powell mentioned that rate cuts are not a blind series of actions, but rather "meeting by meeting" (data-driven decision-making). Whether to continue cutting rates in the future will depend on how the "economic data + risk situation" evolves.

The policy statement noted that economic activity has slowed in the first half of this year; uncertainty (economic outlook) remains very high. There is a tension between inflation and employment (the balance of the dual mandate), with adverse factors toward employment on the rise.

There is not complete consensus within the policy framework: some members (like Stephen Miran) advocate for a larger rate cut (50 basis points), but this did not gain majority support, indicating a divide between hawks and doves within the Federal Reserve. #鲍威尔说了什么