Powell: US Economy Resilient Despite Moderating Inflation, With No Signs of Recession

• Powell says there is "no reason" to think the US economy is close to a recession or at the edge of one

• Inflation has come down significantly from 9.1% in June 2022 to 3.2% recently without triggering a major downturn

• The labor market remains resilient with 275,000 jobs added last month and unemployment at 3.9%

• The Fed held interest rates steady at its last meeting, wanting to see more "good data" before cutting rates

• A closely watched inflation gauge, the PCE price index, ticked up 0.3% last month but remains in line with the Fed's expectations