Powell suggests the Fed is no where near a rate cut, let alone an emergency rate cut. They see there being continued risk of tension in their dual mandate, with inflation potential. Argues they cannot maintain a strong labor market without that price stability and that they have plenty of room to wait for further action. Stocks down sharply in response, as markets had wrongly held out hope that the Fed would be a bailout mechanism in this trade war, especially given the weakness in the bond market. They've made clear that while liquidity tools are on the table to keep bonds running smoothly, rate cuts, yield curve control, and overall a Fed put is not on the table.