The Fed lowered interest rates by 25 basis points as expected.

Summarized Powell's speech.
The U.S. economy is in a tug-of-war: inflation is stubborn, and employment is declining. Economic growth has dropped from 2.5% to 1.5%, the unemployment rate has risen to 4.3%, and the average monthly new jobs are only 29,000; however, inflation remains between 2.7% and 2.9%.
The Fed can only weigh: employment risk > inflation risk, so it slightly cut interest rates by 0.25% while continuing to reduce the balance sheet.
The forecast for the end of the year interest rate is 3.6%, and for 2027 it is 3.1%, which means that there should be two more rate cuts this year, but this is just a guess, not a commitment.
Summary of Powell's speech in one sentence: Rate cuts are a last resort to save jobs, but there is hesitation to fully open up.