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Fed Chair Jerome Powell will hold a news conference at 2:30 p.m. to elaborate on the policy decision and give more details on what might happen in coming meetings. “The labor market will be the swing factor,” as officials analyze if wage and job gains slow in coming months, Davis said. Powell has said some cooling in the currently hot job market will be an important sign the economy is heading towards consistently lower inflation.Policymakers have been caught off guard through much of this year by higher-than-expected price increases, particularly in June when new data released just ahead of a Fed policy meeting showed prices accelerating.
Given the inflation surprises of the past year, Powell has been reluctant to declare an end to the inflation battle, insisting that any given month’s change would not be convincing until a trend was clear.