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Mr. Chairman, Mark Hamrick with Bankrate. I wonder what your assessment is about the outlook for the housing market, given the years-long increase in home prices and now the sharp rise in mortgage rates. And all that, of course, given the heightened sensitivity around the housing market given the fact that it was a tri...	MARK HAMRICK	[ { "content": "Mr. Chairman, Mark Hamrick with Bankrate. I wonder what your assessment is about the outlook for the housing market, given the years-long increase in home prices and now the sharp rise in mortgage rates. And all that, of course, given the heightened sensitivity around the housing market given the ...
Steve Liesman, CNBC. Thank you, Mr. Chair, for taking my question. A lot has happened since the last meeting. There have been tariffs put on, tariffs taken off, and meanwhile, there was a bill advancing in Congress. And I just wonder if I could press you on the last part of your statement. Are you any closer now to dec...	STEVE LIESMAN	[ { "content": "Steve Liesman, CNBC. Thank you, Mr. Chair, for taking my question. A lot has happened since the last meeting. There have been tariffs put on, tariffs taken off, and meanwhile, there was a bill advancing in Congress. And I just wonder if I could press you on the last part of your statement. Are you...
Nick Timiraos for the Wall Street Journal. Chair Powell, there’s naturally a lot of around 2021 in supply shocks. But there are some who argue that the current situation has notable differences. Energy costs are down. Housing imbalances look nothing like they did four years ago. Labor demand appears to be gradually coo...	NICK TIMIRAOS	[ { "content": "Nick Timiraos for the Wall Street Journal. Chair Powell, there’s naturally a lot of around 2021 in supply shocks. But there are some who argue that the current situation has notable differences. Energy costs are down. Housing imbalances look nothing like they did four years ago. Labor demand appea...
Jonnelle Marte with Bloomberg. So, many economists have been pricing in higher odds of a recession, and several are noting that it is more difficult for the Fed to cut rates preemptively, given the higher risks for higher inflation. So, given the outlook, do you still see a path for a soft landing, and what does that l...	JONNELLE MARTE	[ { "content": "Jonnelle Marte with Bloomberg. So, many economists have been pricing in higher odds of a recession, and several are noting that it is more difficult for the Fed to cut rates preemptively, given the higher risks for higher inflation. So, given the outlook, do you still see a path for a soft landing...
Colby Smith with the New York Times. How much weakness does the Committee need to see, though, in the labor market and the economy more broadly to lower interest rates again? Is it about a certain increase in the unemployment rate over a period of time, or perhaps a certain number of negative monthly job reports? I mea...	COLBY SMITH	[ { "content": "Colby Smith with the New York Times. How much weakness does the Committee need to see, though, in the labor market and the economy more broadly to lower interest rates again? Is it about a certain increase in the unemployment rate over a period of time, or perhaps a certain number of negative mont...
Thank you. Edward Lawrence with Fox Business. So we had the CPI report that came out that showed, month over month, the first increase in inflation in about three years. The jobs report—you said “solid”—that we saw. At the same time, we have those new tariffs that we’re living under. So, given this, should the Federal ...	EDWARD LAWRENCE	[ { "content": "Thank you. Edward Lawrence with Fox Business. So we had the CPI report that came out that showed, month over month, the first increase in inflation in about three years. The jobs report—you said “solid”—that we saw. At the same time, we have those new tariffs that we’re living under. So, given thi...
Hi. Howard Schneider with Reuters, and thanks for the time. I’m wondering—I mean, given the complexity about the first-quarter GDP and what lies ahead, I’m just wondering what your intuition tells you about the underlying direction of the economy right now. Many of your colleagues have said they feel growth is slowing....	HOWARD SCHNEIDER	[ { "content": "Hi. Howard Schneider with Reuters, and thanks for the time. I’m wondering—I mean, given the complexity about the first-quarter GDP and what lies ahead, I’m just wondering what your intuition tells you about the underlying direction of the economy right now. Many of your colleagues have said they f...
Michael McKee from Bloomberg Radio and Television. The Fed’s been criticized recently by a former Governor for what he calls “mission creep”—you take on more problems, use more tools, and then end up building tools to deal with the fallout of those tools, which then makes it a given that you will act more aggressively ...	MICHAEL MCKEE	[ { "content": "Michael McKee from Bloomberg Radio and Television. The Fed’s been criticized recently by a former Governor for what he calls “mission creep”—you take on more problems, use more tools, and then end up building tools to deal with the fallout of those tools, which then makes it a given that you will ...
Hi, Chair Powell. Thanks for taking our questions today. I’m Jo Ling Kent with CBS News. You’ve said, “Wait and see” and “The economy is doing fine” today. But the impact of tariffs are already showing up at the ports. Businesses big and small are telling us that they feel it, and most importantly, consumers say they f...	JO LING KENT	[ { "content": "Hi, Chair Powell. Thanks for taking our questions today. I’m Jo Ling Kent with CBS News. You’ve said, “Wait and see” and “The economy is doing fine” today. But the impact of tariffs are already showing up at the ports. Businesses big and small are telling us that they feel it, and most importantly...
Hi. Thank you. Chris Rugaber, Associated Press. Well, I just wanted to follow up. Earlier, it sounded like you said it was unclear how the Fed—you know, what interest rate decisions you will make later this year. So does that—you know, in March, there was guidance that two cuts might happen, you know, two cuts were pen...	CHRISTOPHER RUGABER	[ { "content": "Hi. Thank you. Chris Rugaber, Associated Press. Well, I just wanted to follow up. Earlier, it sounded like you said it was unclear how the Fed—you know, what interest rate decisions you will make later this year. So does that—you know, in March, there was guidance that two cuts might happen, you k...
Hi. Victoria Guida with Politico. I wanted to ask, Congress is currently debating spending cuts alongside expending—extending the tax cuts. And I know you’ve talked many times about how the path of the debt is unsustainable. But given that we’re also talking right now about the economy slowing, potentially even recessi...	VICTORIA GUIDA	[ { "content": "Hi. Victoria Guida with Politico. I wanted to ask, Congress is currently debating spending cuts alongside expending—extending the tax cuts. And I know you’ve talked many times about how the path of the debt is unsustainable. But given that we’re also talking right now about the economy slowing, po...
Thanks, Mr. Chairman. Andrew Ackerman with the Washington Post. In your Jackson Hole comments last year, you said you would not welcome further cooling in labor market conditions. The unemployment rate then was 4.2 percent, which is what it is now. Forecasters—many forecasters now predict a higher jobless rate. How has...	ANDREW ACKERMAN	[ { "content": "Thanks, Mr. Chairman. Andrew Ackerman with the Washington Post. In your Jackson Hole comments last year, you said you would not welcome further cooling in labor market conditions. The unemployment rate then was 4.2 percent, which is what it is now. Forecasters—many forecasters now predict a higher...
Claire Jones, Financial Times. In terms of getting some clarity, we’ve got some talks at the weekend in Geneva between the U.S. and China. A lot of economists are ask—are attaching an awful lot of importance to how—what we hear from those talks. How much importance are you attaching to them in terms of judging what wil...	CLAIRE JONES	[ { "content": "Claire Jones, Financial Times. In terms of getting some clarity, we’ve got some talks at the weekend in Geneva between the U.S. and China. A lot of economists are ask—are attaching an awful lot of importance to how—what we hear from those talks. How much importance are you attaching to them in ter...
Kosuke Takami with Nikkei. Thank you for doing this. The volume of imported goods increased significantly in the first quarter. Do you think the decision could cause a delay in the impact of tariff on inflation, and does this mean that it will take a longer time to reduce uncertainty?	KOSUKE TAKAMI	[ { "content": "Kosuke Takami with Nikkei. Thank you for doing this. The volume of imported goods increased significantly in the first quarter. Do you think the decision could cause a delay in the impact of tariff on inflation, and does this mean that it will take a longer time to reduce uncertainty?", "role"...
Thank you. Courtenay Brown from Axios. I guess, you know, we talked about some of the indications of potential layoffs, price hikes, an economic slowdown all being evident in the soft data. I’m curious why the Fed needs to wait for that to translate into hard data to, you know, make any type of monetary policy decision...	COURTENAY BROWN	[ { "content": "Thank you. Courtenay Brown from Axios. I guess, you know, we talked about some of the indications of potential layoffs, price hikes, an economic slowdown all being evident in the soft data. I’m curious why the Fed needs to wait for that to translate into hard data to, you know, make any type of mo...
Thanks, Chair Powell. Matt Egan with CNN. So you mentioned earlier that you’re monitoring the shipping data. And we have seen in the shipping data that imports from China into the Port of Los Angeles have plunged. And that has raised concerns about potential shortages. What tools, if any, does the Fed have to ensure th...	MATT EGAN	[ { "content": "Thanks, Chair Powell. Matt Egan with CNN. So you mentioned earlier that you’re monitoring the shipping data. And we have seen in the shipping data that imports from China into the Port of Los Angeles have plunged. And that has raised concerns about potential shortages. What tools, if any, does the...
Thank you so much, Chair Powell. Jennifer Schonberger with Yahoo Finance. Public records of your schedule so far this year show no meetings with President Trump. Past Presidents Obama, Bush, and Clinton have all met with Fed Chairs. And you met with Trump during his first term. Why haven’t you asked for a meeting yet w...	JENNIFER SCHONBERGER	[ { "content": "Thank you so much, Chair Powell. Jennifer Schonberger with Yahoo Finance. Public records of your schedule so far this year show no meetings with President Trump. Past Presidents Obama, Bush, and Clinton have all met with Fed Chairs. And you met with Trump during his first term. Why haven’t you ask...
Jeanna Smialek from the New York Times. Thanks for taking our questions. Markets pretty much entirely expect a rate cut in September at this stage. I wonder if you think that’s a reasonable expectation, and, if so, why not just make the move today?	JEANNA SMIALEK	[ { "content": "Jeanna Smialek from the New York Times. Thanks for taking our questions. Markets pretty much entirely expect a rate cut in September at this stage. I wonder if you think that’s a reasonable expectation, and, if so, why not just make the move today?", "role": "user" }, { "content": "Tha...
So just to, to follow up on that a bit, if inflation behaves as you expect between now and September, would you regard a cut in September as the baseline scenario right now?	HOWARD SCHNEIDER	[ { "content": "So just to, to follow up on that a bit, if inflation behaves as you expect between now and September, would you regard a cut in September as the baseline scenario right now?", "role": "user" }, { "content": "So I guess I would—I would think about it this way. I’ll give an example of, o...
Thank you. Colby Smith with the Financial Times. The March SEP pointed to three cuts in 2024, with core inflation at 2.6 percent and the unemployment rate at 4 percent. Since we’re now at that level in terms of inflation and already beyond what was projected for the labor market, I’m just wondering if that rate path is...	COLBY SMITH	[ { "content": "Thank you. Colby Smith with the Financial Times. The March SEP pointed to three cuts in 2024, with core inflation at 2.6 percent and the unemployment rate at 4 percent. Since we’re now at that level in terms of inflation and already beyond what was projected for the labor market, I’m just wonderin...
Nick Timiraos of the Wall Street Journal. Chair Powell, you’ve said before that you wouldn’t wait until inflation got to 2 percent to cut rates because of how inflation has lagged. Does that apply for the labor market, too? If the labor market is back in equilibrium, why is restrictive policy and, potentially, very res...	NICK TIMIRAOS	[ { "content": "Nick Timiraos of the Wall Street Journal. Chair Powell, you’ve said before that you wouldn’t wait until inflation got to 2 percent to cut rates because of how inflation has lagged. Does that apply for the labor market, too? If the labor market is back in equilibrium, why is restrictive policy and,...
Chris Rugaber at Associated Press. You mentioned not wanting to see any further cooling in the job market. Why not? Or would you consider preemptive cuts to prevent if you saw risks of an unexpected cooling? Is that something you would cut ahead of time for?	CHRISTOPHER RUGABER	[ { "content": "Chris Rugaber at Associated Press. You mentioned not wanting to see any further cooling in the job market. Why not? Or would you consider preemptive cuts to prevent if you saw risks of an unexpected cooling? Is that something you would cut ahead of time for?", "role": "user" }, { "cont...
Steve Liesman, CNBC. Mr. Chairman, back in March, you talked about cutting rates as a process, and, in June, you talked about the idea that, well, one rate cut wouldn’t do anything. So I wonder if you can sort of—following up on Colby’s question—talk about, are you weighing the economy right now in terms of its ability...	STEVE LIESMAN	[ { "content": "Steve Liesman, CNBC. Mr. Chairman, back in March, you talked about cutting rates as a process, and, in June, you talked about the idea that, well, one rate cut wouldn’t do anything. So I wonder if you can sort of—following up on Colby’s question—talk about, are you weighing the economy right now i...
Hi, Chair Powell. Rachel Siegel from the Washington Post. Thanks for taking our questions. On inflation, do the past few months of good reports look like what we saw last year, where you really had a lot of momentum, with a few bumps in between? Would you characterize that momentum as back on track at this point in the...	RACHEL SIEGEL	[ { "content": "Hi, Chair Powell. Rachel Siegel from the Washington Post. Thanks for taking our questions. On inflation, do the past few months of good reports look like what we saw last year, where you really had a lot of momentum, with a few bumps in between? Would you characterize that momentum as back on trac...
Michael McKee from Bloomberg Radio and Television. I’d like to ask you about the balance of risks as the American people see it. At this point, is the risk greater to leave interest rates where they are, given the damage that higher interest rates do to the economy in slowing demand and raising prices? Or is it more im...	MICHAEL MCKEE	[ { "content": "Michael McKee from Bloomberg Radio and Television. I’d like to ask you about the balance of risks as the American people see it. At this point, is the risk greater to leave interest rates where they are, given the damage that higher interest rates do to the economy in slowing demand and raising pr...
Thank you, Mr. Chairman. Edward Lawrence of Fox Business. I do want to dig deeper on what Michael and, and what Nick were asking. There’s a, a shift in the statement to balance between the focus between inflation and jobs. Looking at the job sides, we’ve seen wage data show an abrupt slowing. We’ve—we’re hearing on ear...	EDWARD LAWRENCE	[ { "content": "Thank you, Mr. Chairman. Edward Lawrence of Fox Business. I do want to dig deeper on what Michael and, and what Nick were asking. There’s a, a shift in the statement to balance between the focus between inflation and jobs. Looking at the job sides, we’ve seen wage data show an abrupt slowing. We’v...
Courtenay Brown from Axios. Thank you for taking our questions. When the Fed was raising rates, there was a lot of conversation about long and variable lags. I wonder if that applies on the way down, too. How are you and the Committee thinking about that?	COURTENAY BROWN	[ { "content": "Courtenay Brown from Axios. Thank you for taking our questions. When the Fed was raising rates, there was a lot of conversation about long and variable lags. I wonder if that applies on the way down, too. How are you and the Committee thinking about that?", "role": "user" }, { "content...
Hi. Victoria Guida with Politico. On the labor market, I was wondering, how worried are you all about unemployment rising to the point where it triggers the Sahm rule, and would that potentially affect how quickly you cut rates?	VICTORIA GUIDA	[ { "content": "Hi. Victoria Guida with Politico. On the labor market, I was wondering, how worried are you all about unemployment rising to the point where it triggers the Sahm rule, and would that potentially affect how quickly you cut rates?", "role": "user" }, { "content": "We—so I would just say,...
Thank you, Chair Powell. Amara Omeokwe with Bloomberg. There seems to be quite a difference between what the anecdotal data are telling us, such as the very recent downbeat Beige Book, and the hard data. Do you take those anecdotes seriously— that is, that the economy and labor market are cooling much more rapidly than...	AMARA OMEOKWE	[ { "content": "Thank you, Chair Powell. Amara Omeokwe with Bloomberg. There seems to be quite a difference between what the anecdotal data are telling us, such as the very recent downbeat Beige Book, and the hard data. Do you take those anecdotes seriously— that is, that the economy and labor market are cooling ...
Thank you. Jo Ling Kent with CBS News. Chair Powell, thanks for taking our questions today. You have consistently said that the Fed does not consider politics in making decisions. With a possible September rate cut on the table, it would be less than two months before the election, and former President Trump reportedly...	JO LING KENT	[ { "content": "Thank you. Jo Ling Kent with CBS News. Chair Powell, thanks for taking our questions today. You have consistently said that the Fed does not consider politics in making decisions. With a possible September rate cut on the table, it would be less than two months before the election, and former Pres...
Thank you, Chair Powell. Nicholas Jasinski from Barron’s Magazine. There hasn’t been a dissenting vote on an interest rate decision in some time. If the data do evolve as you expect, if you do have more confidence by the September meeting, do you get the sense that there will be a unanimous vote on an interest rate mov...	NICHOLAS JASINSKI	[ { "content": "Thank you, Chair Powell. Nicholas Jasinski from Barron’s Magazine. There hasn’t been a dissenting vote on an interest rate decision in some time. If the data do evolve as you expect, if you do have more confidence by the September meeting, do you get the sense that there will be a unanimous vote o...
Hello. Jean Yung with MNI Market News. Is a 50 basis point cut as a first cut at all likely or even on the table? Thank you.	JEAN YUNG	[ { "content": "Hello. Jean Yung with MNI Market News. Is a 50 basis point cut as a first cut at all likely or even on the table? Thank you.", "role": "user" }, { "content": "You know, I don’t want to say—I don’t want to be really specific about what we’re going to do, but that’s, that’s not something...
Thank you, Chair Powell. Jennifer Schonberger with Yahoo Finance. Not to get into the minutes, but you said there was a real discussion today for moving at this meeting. I’m curious if you could provide some more color on the nature of the discussion today at the meeting about a possible rate cut as early as September.	JENNIFER SCHONBERGER	[ { "content": "Thank you, Chair Powell. Jennifer Schonberger with Yahoo Finance. Not to get into the minutes, but you said there was a real discussion today for moving at this meeting. I’m curious if you could provide some more color on the nature of the discussion today at the meeting about a possible rate cut ...
-GENZER. Hi, Chair Powell. Nancy Marshall-Genzer with Marketplace. Former New York president Bill Dudley wrote an op-ed in Bloomberg earlier this month, which you probably saw, in which he said, “It might already be too late to fend off a recession by cutting rates, dawdling now unnecessarily increases the risk.” Is he...	NANCY MARSHALL	[ { "content": "-GENZER. Hi, Chair Powell. Nancy Marshall-Genzer with Marketplace. Former New York president Bill Dudley wrote an op-ed in Bloomberg earlier this month, which you probably saw, in which he said, “It might already be too late to fend off a recession by cutting rates, dawdling now unnecessarily incr...
Thank you so much. In the—in the minutes of the June meeting that came out a few weeks ago, there was a discussion about communications, and some Fed officials said maybe the Fed wasn’t as clear enough about its reaction function. And, and when I talked to the commentators who bless you with their comments, they say th...	GREG ROBB	[ { "content": "Thank you so much. In the—in the minutes of the June meeting that came out a few weeks ago, there was a discussion about communications, and some Fed officials said maybe the Fed wasn’t as clear enough about its reaction function. And, and when I talked to the commentators who bless you with their...
Thank you, Mr. Chairman. I’m going to change gears on you just a little bit from all of the rate talk and whatnot. With FedNow being in the books for a little over a year, there hasn’t been a whole lot of talk about central bank digital currency and wondering if you could give us an update on where things are with that...	JEFF COX	[ { "content": "Thank you, Mr. Chairman. I’m going to change gears on you just a little bit from all of the rate talk and whatnot. With FedNow being in the books for a little over a year, there hasn’t been a whole lot of talk about central bank digital currency and wondering if you could give us an update on wher...
Hi, Chair Powell. Thanks for taking our questions. Rachel Siegel from the Washington Post. I’m wondering if you can walk us through your thinking around the decision not to go for a full percentage point increase. We saw a ramp-up after the May CPI report came in hotter than usual and then, obviously, the June figure d...	RACHEL SIEGEL	[ { "content": "Hi, Chair Powell. Thanks for taking our questions. Rachel Siegel from the Washington Post. I’m wondering if you can walk us through your thinking around the decision not to go for a full percentage point increase. We saw a ramp-up after the May CPI report came in hotter than usual and then, obviou...
Thank you so much for taking our questions. Colby Smith with the Financial Times. As the Committee considers the policy path forward, how will it weigh the expected decline in headline inflation, which might come as a result of the drop in commodity prices, against the fact that we are likely to see some persistence in...	COLBY SMITH	[ { "content": "Thank you so much for taking our questions. Colby Smith with the Financial Times. As the Committee considers the policy path forward, how will it weigh the expected decline in headline inflation, which might come as a result of the drop in commodity prices, against the fact that we are likely to s...
Nick Timiraos of the Wall Street Journal. Chair Powell, you’ve said that your policy works through influencing expectations and that policy needs to be at least moderately restrictive, which means you need financial conditions to stay tight. Futures market pricing currently implies you will raise rates this year along ...	NICK TIMIRAOS	[ { "content": "Nick Timiraos of the Wall Street Journal. Chair Powell, you’ve said that your policy works through influencing expectations and that policy needs to be at least moderately restrictive, which means you need financial conditions to stay tight. Futures market pricing currently implies you will raise ...
Hi, Chair Powell. Thanks for taking our questions. Jeanna Smialek, New York Times. You alluded to this earlier, but I wonder in the event that you see several months of very weak headline inflation numbers because oil prices are coming down so much, but core inflation continues to be strong or even picks up, I wonder h...	JEANNA SMIALEK	[ { "content": "Hi, Chair Powell. Thanks for taking our questions. Jeanna Smialek, New York Times. You alluded to this earlier, but I wonder in the event that you see several months of very weak headline inflation numbers because oil prices are coming down so much, but core inflation continues to be strong or eve...