Fed Chair Powell: Timing and pace of rate cuts will depend on data, outlook, and balance of risks

Federal Reserve Chairman Powell: We will make every effort to support a strong labor market while making further progress toward price stability. The level of the policy rate provides “ample room” to address risks, including further adverse weakness in the labor market. The timing and pace of rate cuts will depend on the balance of data, outlook and risks. Upside risks to inflation have weakened, while downside risks to employment have increased.