POWELL PRESS CONFERENCE SUMMARY:

*POWELL: ECONOMY CALLS FOR MODESTLY RESTRICTIVE STANCE FOR NOW

POWELL: ECONOMY NOT BEHAVING AS THOUGH MODESTLY RESTRICTIVE POLICY IS HOLDING IT BACK

POWELL: EXPECT TO HAVE MORE INFORMATION IN COMING MONTHS

POWELL: ON THE DISSENTS, WHAT YOU WANT IS A CLEAR EXPLANATION AND WE HAD THAT TODAY; PEOPLE THOUGHT CAREFULLY ABOUT THIS AND PUT THEIR POSITIONS OUT THERE

POWELL: GDP WAS RIGHT IN LINE WITH WHAT WE EXPECTED, BUT STILL DIFFICULT TO INTERPRET BECAUSE OF NET EXPORTS SWINGS

POWELL: STATEMENT ABOUT UNCERTAINTY REFLECTS CHANGE SINCE LAST MEETING, IT HAD NOT DIMINISHED FURTHER SINCE JUNE MEETING

POWELL: MANY UNCERTAINTIES LEFT TO RESOLVE; FEELS LIKE THERE'S MUCH MORE TO COME

POWELL: COULD SAY FED LOOKING THROUGH INFLATION BY NOT HIKING

*POWELL: TARIFF PASSTHROUGH TO PRICES MAY BE SLOWER THAN THOUGHT

*POWELL: WHAT WE SEE NOW IS VERY BEGINNING OF TARIFF INFLATION

POWELL: REASONABLE BASE CASE IS SHORT-LIVED TARIFF INFLATION IMPACT

POWELL: CONSUMER SPENDING HAD BEEN VERY VERY STRONG FOR LAST FEW YEARS AND NOW MAYBE IT HAS FINALLY SLOWED DOWN

POWELL: DON'T SEE FISCAL BILL AS PARTICULARLY STIMULATIVE

*POWELL: WE DON'T CONSIDER COST TO GOVERNMENT OF RATE CHANGES

*POWELL: INFLATION IS FURTHER FROM OUR GOAL THAN EMPLOYMENT

POWELL: TOTALITY OF DATA SHOW YOU'VE GOT A SOLID LABOR MARKET

TRADERS PRICE IN LESS THAN 50% CHANCE OF SEPTEMBER RATE CUT