Fed Chairman Powell: The difference in economic forecasts reflects lower inflation than previously expected.

Latin American stocks extended gains, hitting their highest intraday levels since August 2.

Fed Chairman Powell: Forecasters are wrong about a recession in 2023.

Fed Chairman Powell: I have always believed that it is possible for the economy to avoid recession and that inflation is also declining, and that is what we have seen so far.

Fed Chairman Powell: Having said that, the outcome is not guaranteed.

Fed Chairman Powell: There is always the possibility of a recession next year.

Fed Chairman Powell: The next question is when to roll back policy.

Fed Chairman Powell: No one has declared victory in the fight against inflation, it would be too early.

Fed Chairman Powell: We still have a way to go.

Fed Chairman Powell: We remain focused on whether interest rates are high enough.

Fed Chairman Powell: We added the word "any" to indicate that we believe rates may be at or near their peak.

Sources: The Argentine government will seek to increase export taxes on corn and wheat to 15%, while leaving taxes on soybeans unchanged.

Fed Chairman Powell: Decisions will be made meeting by meeting.

Fed Chairman Powell: Will maintain tightening policy until there is confidence in the path to the 2% inflation target.