Powell: Recent indications show that GDP growth has moderated

Powell: Recent indications show that GDP growth has moderated

• Comments form Powell's

• Slowdown largely reflects slowing consumer spending
• Business investment has accelerated
• Disinflation on services is continuing
• Job gains are running below the breakeven rate
• Labor demand has softened
• A reasonable expectation is that tariffs will be short-lived but it's also possible that tariff effects could be more-persistent
• Our aim is to make sure that a one-time shift doesn't become an ongoing problem
• Balance of risks have shifted with downside risks rising to employment
• We took another step towards neutral
• We remain positioned to respond in a timely way

The initial dovish moves in markets have largely faded and the US dollar is back to pre-decision levels.