Fed's Powell: Inflation is most of the way back to 2% and there's catch-up inflation reflecting past pressures

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.

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.