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Powell: The economy has made significant progress, inflation has decreased significantly.

Powell: GDP was supported by strong consumer demand as well as improving supply chains.

Powell: Risks to the Fed reaching its goals are becoming more balanced. High interest rates negatively affected businesses' fixed income investments.

Powell: Supply and demand are getting into better balance.

Powell: FOMC participants expect rebalancing in the labor market to continue. Nominal wage growth is easing.

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