Key points from Fed Chair Powell's responses to reporters' questions. Their conversation and press conference have already concluded.

There are several positive points for the markets. But they do not overshadow the overall context. The context is that a rate cut will, at best, happen in the fall, and Powell is pessimistic about inflation this summer, blaming Trump’s tariffs for everything.

- Economic uncertainty peaked in April and then began to decline. However, it is still high.

- The economy is growing at a pace of 1.5-2%.

- Consumer sentiment has risen from extremely low levels, but still remains low and depressed.

- We may see a continued slow cooling in the labor market. Nothing alarming. Demand and supply in the labor market keep the unemployment rate within reasonable limits. The supply of labor is decreasing with reduced immigration. The labor market does not require rate cuts.

- As long as we have such a labor market and inflation is declining, the right decision will be to hold rates.

- We can make arguments for any of the paths for raising rates. Raising rates is not a baseline option.

- We will likely reach a point where rate cuts will be appropriate.

- As we receive more data, the differences in rate forecasts will diminish.

- Compared to September last year, when we lowered rates, the inflation forecast for this year implies higher inflation due to tariffs. We expect significant inflation growth in the coming months.

- We will make a more reasonable decision if we wait a couple of months. The current policy is moderately restrictive.

- The Fed needs confidence that inflation is declining; without tariffs, that confidence will grow.

- I do not claim that Americans should expect pain in the second half of the year.

- Businesses are coping with tariffs; their situation has improved over the past 3 months.

- Of course, the Fed is watching the Israeli-Iranian conflict. We may see a rise in energy prices. But such cases usually do not have a lasting impact on inflation.

- Now is the time for real changes in geopolitics, trade, and immigration. But none of this will change how we conduct monetary policy.

The BTC rate in response to the Fed's decision and Powell's speech shows a range, but overall continues to move downward.