Consumer spending has been resilient
Government shutdown effects should be reversed this quarter
Activity in housing sector weak
A good part of slowing in jobs market represents declining workforce, though hiring demand has clearly slowed as well
Inflation has eased significantly but remains somewhat elevated
Inflation should trend towards 2% once tariff inflation has passed through
Mon pol is not on a preset course
We will continue to do our jobs with objectivity and integrity

In the Q&A:

Cook case is perhaps the most-important in Fed history
The outlook for economic activity has clearly improved since the last meeting
Inflation performed about as expected
Will make decisions meeting-by-meeting
If you look at the December SEP, most people had additional rate cuts
We think we’re well-positioned to let the data speak to us
There was broad support for holding rates, including among non-voters
A lot of tariff inflation has moved through the economy already
Most of the overrun in goods inflation was from tariffs
Upside risks to inflation and downside risks to employment have diminished
Survey and market-based inflation numbers have come way down, that’s very comforting
A rate hike isn’t anyone’s base case
The consumer is filling out surveys that are really bad, and then spending
Consumer spending is uneven across income levels but overall it’s good
Economy has surprised us with its strength

Powell has been less dovish without a doubt but the Fed funds futures market hasn’t moved much. Some of that might reflect that there will be a new Chairman for the June meeting. For that meeting, there are 19 bps of easing priced in. Through year-end, about 46 bps in easing is priced in, which is little changed from pre-meeting.

This article was written by Adam Button at investinglive.com.