According to ChainCatcher news, Federal Reserve Chair Powell stated that the constantly 'changing' economic risks provide the Federal Reserve with more justification for interest rate cuts. This statement indicates that Powell has aligned himself with the 'dovish' camp within the Federal Open Market Committee responsible for setting interest rates, and it also signals that he may support a 25 basis point rate cut at the Federal Reserve's next meeting in September.

According to CME FedWatch, the probability of a 25 basis point rate cut in September has risen to 85.2% (up from about 75% before Powell's remarks), while the probability of keeping rates unchanged stands at 14.8%.