Powell: Current stance of policy leaves us well positioned

*POWELL: MODESTLY RESTRICTIVE POLICY SEEMS APPROPRIATE POWELL: WE HAVE MADE NO DECISIONS ABOUT SEPTEMBER Fed's Powell: Uncertainty more or less even since last meeting. POWELL: MANY UNCERTAINTIES LEFT TO RESOLVE POWELL: FEELS LIKE THERE'S MUCH MORE TO COME Fed's Powell: Many labor measures similar to a year ago.

Fed's Powell: In the discussion around policy, the majority view was that inflation is above target, employment is at target, and policy should be somewhat restrictive. Fed's Powell: Expects dissents to be explained in next day or so. Powell Says Differences in Opinions Are Normal and Calls This One of the Best Meetings They've Had Fed's Powell: Inflation is further from our goal than employment. Powell: We'll receive two employment and inflation reports before the next meeting—those will guide our next steps.

Fed's Powell: Inflation is most of the way back to 2% and there's catch-up inflation reflecting past pressures. Fed's Powell: Services inflation coming down nicely, goods going up. Fed's Powell: We can't separate out the tariff effects on inflation. Powell: Tariff costs will be shared between consumers and retailers. Fed's Powell: What we see now is the very beginnings of tariff inflation.