Powell: Range of views of what neutral rate is at this moment

Fed's Powell: You don't see a weakening in the labor market. Fed's Powell: Demand and supply for workers are coming down at about the same rate. Fed's Powell: The main number you have to look at is the unemployment rate. Fed's Powell: Decline in labor supply and demand suggests downside risk. Fed's Powell on the dissents: What you want is a clear explanation, and we had that today. People thought carefully about this and put their positions out there.

*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: Most measures of longer-run inflation expectations are consistent with the Fed's goal. Fed's Powell Says Tariffs Affect Some Products, But Overall Effect Is Unknown. Fed's Powell: A reasonable base case is a short-lived tariff inflation impact. Fed's Powell: Possible inflationary effects could be more persistent. Federal Reserve's Powell States Current Policy Stance Is Suitable To Protect Against Inflation Risks, Plans To Complete Policy Review By Late Summer

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.

Powell: Goods inflation is pushing us slightly off target; risks remain to both inflation and employment goals. Fed's Powell: The next steps we take are likely to be closer to neutral. Powell: A lot of data due before the next meeting; base case sees recent price rise as one-time—timing adjustments are key. POWELL: REALLY HARD TO SAY IF DATA TO BE CLEAR BY NEXT MEETING Fed's Powell: The dollar has not been a major focus of discussion.

POWELL: WE'RE MONITORING SLACKER DATA QUALITY IN THE CPI Powell: Reliable government data is essential—we hope to continue getting what we need. An independent central bank has greatly benefited the public. Powell: Fed independence must be upheld as long as it benefits the public. Consumer spending, after years of strong growth, may be slowing—but remains healthy, with solid credit performance. Powell: GDP met expectations but is hard to interpret due to net export swings; private sector job creation has eased slightly in the latest report. Fed's Powell: Totality of labor market data shows solid market but you have downside risks.