Powell explains why the Fed cut rather than waiting until January: The economy has added around 40K jobs per month since April, but due to overcounting, the actual number could be closer to a *loss* of 20K jobs per month. "I think you can say that the labor market has continued to cool gradually, maybe just a touch more gradually, than we thought." "It doesn't feel like a hot economy that wants to generate a Phillips-curve-type of inflation."