With no actions taken and no SEP to discuss (<a href="https://cms.zerohedge.com/markets/fomc-27">although the statement clearly hints at stagflationary uncertainty</a>), all eyes (and ears) are now focused on every word that Powell says for <strong>hints about whether prices (inflation) or jobs (growth) are more of a worry</strong> (both are lower recently)...

.. and why he cut rates before the election when financial conditions briefly tightened but refuses to do so now...

Oh and if he mentions, 'soft' vs 'hard' data, it seems that weakness in the soft data mattered last September...

So let's see how Powell explains why it's different this time:

Oh and don't forget that Beijing just slashed rates and flooded the zone with liquidity...

Watch the full press conference here (due to start at 1430ET):

Sept 2024: weak soft data, tight financial conditions, August market crash, cut rates by 50bps

May 2025: weak soft data, tight financial conditions, April market crash, pause
{ai:summary}<p>Federal Reserve Chair Jerome Powell's upcoming press conference is under scrutiny as market participants seek clarity on inflation and job growth concerns. Recent economic indicators show weakness, raising questions about the Fed's rate-cutting decisions amid tight financial conditions.</p><p>Meanwhile, China's central bank has taken aggressive measures, slashing key rates and injecting liquidity to support its economy. In contrast, the Fed is expected to maintain its current stance without similar interventions. #economy</p>

Watch Live: Fed Chair Powell Explains Why It's Different Now Vs September

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