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.

Fed Chairman Powell: Regarding (the level of) the neutral interest rate, we won’t know until we get there.

Fed Chairman Powell: As the inflation target approaches, we have the ability to act cautiously.

Fed Chairman Powell: I wouldn’t take a (potential) interest rate hike too seriously.

Fed Chairman Powell: Officials want to be careful not to jump to any conclusions.