Damn, Powell is so tough! A September rate cut is now a bit difficult. Powell even mocked Trump, saying the "Big Beautiful Tax Bill" is useless... Here are the key points from Powell's speech: Powell: It's still too early to judge the impact of tariffs on inflation. The impact of tariffs on consumer prices is beginning to show. We expect (subsequently released) inflation data to reflect more of the impact of tariffs. The transmission of tariffs to prices may be slower than previously expected. It's safe to say that the Fed will downplay (tariff) inflation by not raising interest rates. We do not believe the fiscal policies associated with the "Big Beautiful Tax Bill" have any particular stimulatory effect. We do not consider the cost of changes in government (debt) interest rates.