The statement flagged how the Committee is now attentive to risks on 'both sides' of the dual mandate, ditching the laser-like focus on inflation that has been the dominant theme of this cycle so far.
...job gains were said to have 'moderated', in light of increasing signs of labour market fragility, and a more cautious phrasing than the 'remained strong' description used last time out.
...Powell likely will echo comments made in recent appearances that recent inflation data has brought greater confidence in a return towards the 2% target, and that the labour market is fully back in balance.
...all signs point to the first rate cut coming next time around, at the September meeting. Following this, further reductions at a quarterly pace, in line with the publication of updated Summaries of Economic Projections, seems likely, leading to a cumulative 50bp of cuts this year, marginally more hawkish.
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