The speech is a repeat from Tuesday.
Dissent to half-point cut warranted by inflation still above target, "measured pace of cuts more appropriate"
Core inflation remains uncomfortably above 2% target with upside risks given ongoing growth in spending, wages
Recalibrating policy appropriate given progress on inflation, but should not declare victory yet
Upside risks to inflation still "prominent," including supply chain fragility, fiscal policy, mismatch of housing supply and demand
Though labor market has shown signs of cooling, wage growth, spending and GDP “not consistent" with a material economic weakening
There are still more jobs than available workers
It's a big day on the Fed schedule as we get Williams imminently.
We will also hear from Barr, Cook and Kashkari today. Powell is out with some remarks as well but it's a pre-recorded video speech so it won't be market moving.
Update: The Powell comments are out and don't speak on monetary policy.
