Key takeaways from Powell's presser: -Powell more or less declared the recalibration phase complete—they're now "well positioned to wait." -He blamed committee divide on the unusual tension in the dual mandate and validated both sides of the debate. -He made a surprisingly direct case that job growth may be negative due to measurement challenges. "Gradual cooling in the labor market has continued just a touch more gradually" that anticipated, which reduces the level of concern around services inflation. -Even if rates are closer to neutral, rate hikes anyone's base case. The range of views runs from "stop here" to "cut more."