Federal Reserve Chairman Powell said that the labor market remains strong, but progress has been made on inflation and the path to lower inflation has returned to its course. At the same time, Powell said that if the labor market unexpectedly weakens, it will also prompt us to take action. But he refused to comment on whether this meant a rate cut in September. He said that the Fed has the ability to take the time to make the right decision (rate cut), even though he is well aware of the risks of being "too slow and too late".