Powell's prepared text review

As he said last week in Sintra, Jay Powell is maintaining his more balanced view on the economic outlook and the two mandates they focus on but with a window towards easing.

“We continue to make decisions meeting by meeting. We know that reducing policy restraint too soon or too much could stall or even reverse the progress we have seen on inflation. At the same time, in light of the progress made both in lowering inflation and in cooling the labor market over the past two years, elevated inflation is not the only risk we face. Reducing policy restraint too late or too little could unduly weaken economic activity and employment.”

The bold is mine and we know the Fed is now more closely watching the labor market.