#PowellRemarks

Fed Chair Powell struck a cautious tone at the June FOMC meeting, holding rates steady at 4.25%-4.5% but warning of "meaningful" inflation ahead due to Trump’s tariffs . While the dot plot still signals two 2025 cuts, divisions deepened—7 officials now expect *no cuts*, up from 4 in March . Powell emphasized data dependency, noting tariffs' full consumer impact remains unclear but will likely push prices higher this summer . Markets now price September for the first cut, but Powell warned: "No one holds these rate paths with great conviction" amid stagflation risks (1.4% GDP growth, 3% inflation) . The Fed’s wait-and-see stance leaves traders on edge.