Nick’s recap of Powell speech

· It’s definitely a series of cuts, albeit a "recalibration," ahead: “We have in fact begun the cutting cycle now.”

· The larger cut was mostly about risk management: “We don’t think we’re behind…. You can take this as a sign of our commitment not to get behind.”

· The slowdown in the labor market “bears watching, and we’re watching.”

· One note that wasn't unabashedly dovish: "It feels to me the neutral rate is probably significantly higher than it was back" before the pandemic, when it looked like the real neutral rate might be negative.