Fed Chairman Powell: GDP is not our mission, the question will be whether the growth we see in GDP really poses a threat to the ability to achieve 2% inflation.

Fed Chairman Powell: GDP growth is driven by strong consumer spending.

Fed Chairman Powell: As we move into 2024, we will consider policy lags and data.

Fed Chairman Powell: There are still too many uncertainties.

Fed Chairman Powell: Part of the reason for the decision to cut interest rates may be that real interest rates are rising because inflation is falling.

Fed Chairman Powell: We will have the opportunity to cut interest rates at the appropriate time.

Spot gold fell again, nearly erasing the gains made when Powell spoke, and is now at $1,941.2 an ounce.

Fed Chairman Powell: The decisions we make at the last two meetings of the year will depend on the combination of all the data.

Fed Chairman Powell: The question now is to find a level that we can maintain.

Fed Chairman Powell: Our confidence comes from seeing enough data so we can be sure that this is the right level.

Fed Chairman Powell: We will only know that policy exists when it reaches a sufficiently restrictive level.

Fed Chairman Powell: We don’t want to undermine the possibility of a soft landing.

Fed Chairman Powell: The natural unemployment rate is falling.

Fed Chairman Powell: I have always believed that we have a feasible path to a soft landing.

Fed Chairman Powell: In the median forecast, I don’t think unemployment will rise significantly, but that’s not a guarantee.

Fed Chairman Powell: There is currently no increase in the median expectation of the neutral ratio, but people are changing their estimates.

Fed Chairman Powell: We act cautiously because there is a lag in policy.