Powell Press Conference: BALANCE OF RISKS HAVE SHIFTED - Growth of economic activity has moderated. - Housing activity weak. - Downside risks to employment have risen. - Decline in the labor force participation but still hiring below breakeven rate. - Wage growth is moderate. - Goods inflation picked up. - Disinflation appears to be continuing for services. - Long-term expectations remain consistent with our 2% goal. - Base case: Tariff impact expected to be SHORTLIVED.