Federal Reserve Chairman Jerome Powell's last word

Fed chair Jerome Powell said the Fed’s monetary policy stance is appropriate, for now, though he noted in a speech Monday night the central bank is not on a “preset course.”

Why it matters: It was Powell's final public remarks — and the last opportunity to recalibrate market expectations — before the Fed enters its "quiet period" ahead of the next interest rate decision.

• The message from Powell, along with other members of the FOMC, has been consistent: After three consecutive rate cuts, the Fed is waiting to see how the trade war, and other risks to economic growth, shake out.

Go deeper:

• The market got the rate cuts it wanted
• The Federal Reserve's amazing pause
• College students as the Fed