Summary of Powell's words:

1. The trend towards disinflation seems to be resuming

2. You need to be more confident before reducing rates.

3. The Federal Reserve does not foresee 2% inflation "neither this year nor next"

4. The budget deficit is very large and unsustainable

5. 4% unemployment is still a very low unemployment rate

6. Accelerating too much creates the risk of inflation returning

The Federal Reserve needs more data before rate cuts can begin.

It is clear that the Federal Reserve will continue its "meeting after meeting" approach.

While markets expect two rate cuts this year, the latest guidance from the Federal Reserve says a cut is coming.