SUMMARY OF FED CHAIR POWELL'S STATEMENT (1/29/25): 1. Economy has made "significant progress toward goals" 2. Inflation has moved much closer to goal, remains somewhat elevated 3. Labor market is not a source of inflationary pressures 4. Fed does "not need to be in a hurry to adjust policy" 5. Fed to continue meeting-by-meeting approach 6. Fed's 2% long-term inflation goal will not change The "Fed pause" has begun.