Fed Powell Q&A press convention LIVE: The financial system is in a stable place.

Fed Powell – Chairman of the Federal Reserve – answers reporters’ questions on the central banks policy and outlook following the decision to keep rates unchanged at 4.25% – 4.50%. The decision was largely expected.There were two dissents which is the first time two Fed officials dissented since 1993.

A recap of the statement said:

• No rate change as expected; Waller and Bowman dissented, voting for a 25 bps cut.

• Kugler did not vote at this meeting. That was preannounced.

• The Fed said the economic outlook remains elevated, but dropped the June phrase that it “has diminished.”

• Growth was described as moderating in H1, softening from the prior “solid pace” language.

• Unemployment remains low, labor markets solid, and inflation somewhat elevated.

• No hints at future cuts; the Fed remains in a data-dependent, wait-and-see mode.

• The Fed repeated it will “carefully assess incoming data, the evolving outlook, and the balance of risks.”

The USD retraced a little bit the gains seen earlier today, but the dollar remains nearer the high. The US stocks remain higher with the S&P up 0.26% and the NASDAQ index up 0.50% going into the press conference. Remember, Microsoft and Meta will report their earnings after the close. Shares of Meta are currently down -0.02%. Shares of Microsoft are up 0.03%.

The US 2-year yield is at 3.879% up 0.4 basis points. The 10-year yield is 1.8 basis points at 4.346%.

Gold is lower by $29 or -0.87% at $3298 ahead of the press conference. Bitcoin is down $170 at $117,710

To watch the press conference LIVE, click below:

Highlights from the Fed Chair Press conference will be added below:

• Economy is in a solid position
• inflation somewhat above target.
• Believe current stance of policy leaves us well-positioned to respond in a timely way
• Moderation in growth reflects slowdown in consumer spending.
• Activity and housing sector remains week.
• Unemployment is low and has remained in narrow range.
• Wide set of indicators suggest jobs market is near maximum moment

This article was written by Greg Michalowski at investinglive.com.