That's what journalists and investors did for a while on Wednesday afternoon. They are combing through the Federal Reserve statement. The statement said the third rate cut in the year is widely expected.
The statement said that when assessing the "appropriate path" of the target interest rate, it would "pay close attention to what kind of economic prospect the information coming out in the future will portray". Compared with the deleted phrase "appropriate action will be taken" to maintain economic expansion, the new statement is less definitive.
Investors and journalists interpreted the shift as a hint that the Fed was ready to suspend interest rate cuts.
In the first few minutes of the press conference, however, Powell hinted that he had made his point.
He told a roomful of reporters that keeping interest rates at current levels "may still be appropriate" unless the Fed has a "substantial reassessment" of its outlook for moderate growth, a strong job market and healthier inflation. The press conference was also broadcast live on the Internet.
Powell made it clear that the Fed would keep interest rates unchanged unless something really bad happened.
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