Powell Q&A: Noted that officials talked about path for cuts today

<ul><li>Far too early to declare a soft landing</li><li>I have always felt there was a possibility economy would avoid recession</li><li>There's always a possibility of recession next year</li><li>Little basis for thinking there's a recession now</li><li>There was a general expectation that rate cuts will be a topic of conversation going forward</li></ul><p>The moves in the market has been huge. USD/JPY is down 225 pips on the day now and 2-year yields down 25 bps. This might be the last chance to get 4% 10-years, which is wild given that they were above 5% just six weeks ago.</p><p>More:</p><ul><li>We are pleased with progress but need to see further progress on inflation</li><li>Fair to say that there is a lot of uncertainty</li><li>There is a back-and-forth with market pricing</li><li>In the long run, it's important that market conditions become aligned with policy</li><li>People will have different forecasts on economy</li><li>We're still well above 3% on core PCE</li></ul>

This article was written by Adam Button at www.forexlive.com.