Sam Stovall, chief investment strategist at CFRA Research, said it was a little surprising that Powell was very clear in his statement that inflation was falling. In addition, the Fed also believes that inflation will continue to decline and that employment has not been adversely affected. Powell wants the market to know that the Fed is not behind the curve. By making clear the possibility of a rate cut in September, Powell is actually cutting rates a month earlier. The timing of the first drop is clear, and the magnitude is still in doubt. I don't think the Fed will suddenly cut rates by 50 basis points. Slow and steady is how the Fed wants to ease policy in the early stages.