Karl Schamotta, chief market strategist at Corpay, the foreign exchange firm, said the key line in Mr. Powell's speech was that they would "do whatever it takes to support a strong labour market while making further progress on price stability". In my view, this does show that Mr. Powell acknowledges the growing concerns among policymakers about the direction of the labour market. The fact that Mr. Powell did not put a 50 basis point cut in September on the table was also somewhat in line with market expectations.