Jerome Powell and the Federal Reserve cut the Fed Funds Rate by a greater than expected 1/2 point.
KEY QUOTES:
We've been very patient about reducing policy rate, others have cut."
"Our patience has paid dividends in our confidence on inflation."
"No one should look at today and think this is the new pace."
"We have waited as other central banks have cut."
"We are moving at the base that we think is appropriate."
"Squarely focused on our goals."
"Economy is strong overall."
"Committed to maintaining economy's strength."
"Fed reduced amount of policy restraint today."
"Our decision today reflects growing confidence that strength in labor market can be maintained."
"Consumer spending has remained resilient."
"Housing sector investment fell back in Q2."
Improving supply conditions have supported demand over past year."
"Our projections show we expect GDP growth to remain solid."
"Labor market has continued to cool."
"Conditions in labor market are less tight than pre-pandemic."
"Indicators suggest labor market is now less tight than just before pandemic."
"Labor market not a source of elevated inflationary pressures."
"Inflation has eased notably but remains above our goal."
"Longer term inflation expectations appear well anchored."
"Our primary focus had been on bringing down inflation, which imposes significant hardship."
"Our patient approach has paid dividends."
"Inflation is much closer to our goal."
"Upside risks to inflation have diminished and downside risks to labor market have risen."
"We are attentive to risks on both sides of mandate."
"We are not on any pre-set course."
"We will go meeting by meeting on decisions."
"Cults don't end well. They really don't."