Summary of Powell's speech:

👉 The Fed is in a "good position" after the interest rate cut in the recent September meeting.

👉 The impact of tariffs on commodity prices may only exist in the "short term"; however, understanding the extent of that impact cannot be done overnight.

👉 Inflation remains high, far from the Fed's target.

👉 As the labor market continues to weaken, further tightening of policy is unnecessary.

Powell is mostly just reiterating what he said previously in the September FOMC meeting, which investors have been eagerly awaiting (the number of times the Fed plans to cut rates this year) Powell has not yet revealed.

Federal Reserve Chairman Powell: The Fed's interest rate stance is "still quite firm".

👉 This statement from Powell indicates that even after the interest rate cut last week, the Fed still has "room" for further cuts this year.