Summary of Fed Chair Powell today: 1) 25bps cut today. 2 more cuts likely by end of 2025 2) Fed cut b/c of "downside risks" to jobs 3) Powell said repeatedly this is "unusual situation" [his way of saying stagflation-lite] 4) Powell said GDP this year of 1.5% "or better." Fed leaders revised **up** their growth estimate 5) Powell tried to dodge all political questions, but did say the Fed is "open" to ways to "do better"