Analysis: Powell made it clear that the Fed's top priority has shifted to supporting the labor market, and the interest rate decision will be determined by employment data.

On August 23, according to The Kobeissi Letter, the analysis of Fed Chairman Powell's speech today indicates: "Today's speech shows that their top priority has shifted to supporting the labor market. Changes in risk balance may require policy adjustments, and he specifically referred to the labor market. Therefore, the employment report will determine future rate cuts."

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