SUMMARY OF FED CHAIR POWELL'S COMMENTS (6/18/25): 1. Will likely get to a place where rate cuts are appropriate 2. Fed will make “smarter” decisions if they wait a couple of months 3. Fed expects “meaningful” amount of inflation in coming months 4. Unemployment remains in a “reasonable” place 5. It will take time to see how large inflation effects will be 6. Fed’s inflation forecast for this year is higher due to tariffs This Fed meeting is the definition of a “Fed pause.”