02:22 PM EDT, 10/14/2025 (MT Newswires) -- Fed Chairman Jerome Powell (voter) that there has been little change to the economic picture, including labor market weakness, since the last Federal Open Market Committee four weeks ago, based on data that has been available during the government shutdown.

Powell said that the Fed will continue to act based on incoming data and not on a preset path, in contrast to other Fed officials that have advocated for the median estimate of two further rate reductions this year seen in the Summary of Economic Projections.

Powell also said that the FOMC may approach the point where it can stop its balance sheet runoff "in the coming months" but did not commit to an exact end date.

Fed Vice Chair for Supervision Michelle Bowman (voter) said that she expects two further rate cuts this year, citing a slowing labor market and consumer spending.

Recent comments of note:

(Oct. 13) Philadelphia Fed President Anna Paulson (nonvoter) said that she expects tariff effects on inflation to be smaller and shorter termed than previously anticipated and should be viewed as such when considering monetary policy changes. Paulson said that she sees two more rate cuts this year as a likely scenario.

(Oct. 10) Fed Governor Christopher Waller (voter) repeated that he would be in favor of a 25-basis point rate reduction at the October FOMC meeting but said that the FOMC should be cautious.

(Oct. 9) San Francisco Fed President Mary Daly (nonvoter) said her focus is now more on the weakening labor market rather than inflation.

(Oct. 9) Fed Governor Michael Barr (voter) said that continued uncertainty around the economic outlook suggests a need for the FOMC to act more gradually than normal, noting that the FOMC could quickly adjust that pace if there is a shock to the economy.