Mr. Powell said the labor market is normalizing, wage growth is slowing, job openings remain healthy and the unemployment rate is roughly in line with what policymakers believe is consistent with the central bank's 2 percent inflation target, said Evans, a former Chicago Fed president. If that were all, that would be a good thing. But history is not rosy. That doesn't seem to be the case at the moment, but it may only take one or two weak jobs reports for aggressive rate cuts to combat rising unemployment. The longer you wait, the harder it will be to actually adjust.