Karl Schamotta, Chief Market Strategist at foreign exchange company Corpay, noted that the key sentence in Powell’s speech was that they will ‘do everything possible to support a strong labor market while making further progress on price stability’. In his view, this statement indeed indicates that Powell acknowledges policymakers’ growing concerns about the direction of the labor market. It is worth noting that Powell did not announce a 50 basis point rate cut in September, which was in line with market expectations and to some extent reflected the current economic situation and the attitude of the decision-makers.