Highlights in Powell's opening statement:
- Cut aimed at boosting inflation towards target
- It's important that strong job market helps more left behind
- Economy remains favorable
- GDP growth in Q2 was close to expectations
- Manufacturing output has declined and business fixed investment growth
- Foreign growth has disappointed in manufacturing, particularly in Europe and China
- Trade policy nearly boiled over but now appear to have returned to a simmer
- Wages are rising but not at a pace that's putting much upward pressure on inflation
- Global disinflationary pressures persist
- The committee still sees a favorable outlook
- FOMC says 'somewhat lower' policy rate is warranted
- Fed is adjusting towards a "somewhat more accommodative policy"
