Going into Powell’s press conference, it feels like the tone will stay pretty cautious overall. He will likely stick to uncertainty, sticky inflation, and the idea that they can afford to be patient for now. I would not expect much clear guidance on near term policy moves. If energy prices stay elevated, the messaging could still lean a bit hawkish and push any expectations for cuts further out. Even if he gets pressed on rate hikes, I doubt we get anything too forward looking or specific. Also curious what he says about staying on the Fed Board through 2028. Might not be market moving on its own, but could add some context on the longer term setup. Overall it just feels like another data dependent meeting without a big shift in direction.