Peter Cardillo, Chief Market Economist at Spartan Capital Securities: Powell took a dovish stance, saying there was enough room to deal with any risks that might be faced, and I think that's a key. What he means is that if the labor market continues to weaken, we may cut rates by 50 basis points in September instead of 25 basis points. "Now is the time for policy adjustments, and we do not seek or welcome further cooling of labor market conditions." This is another key point, telling us that there will be a 50 basis point rate cut in September. He seems to be responding to the big adjustment to the non-farm payroll data the other day. Today Powell was more dovish, and we saw the market react accordingly. I think we will have two rate cuts this year for a total of 75 basis points, especially if the August non-farm payrolls report shows further weakness.