Clarifies that his October comments indicated no certainty of moving. Explains the decision to cut today is based on continued gradual cooling in the labor market, with unemployment up and payroll growth overstated.

States that inflation has come in a touch lower, with evidence growing that services inflation is coming down, offset by increases in goods inflation entirely in tariff-affected sectors.

Concludes that looking at all factors—labor market cooling, inflation trends, and economic heat—the committee made the judgment to cut rates today, though it was not a unanimous decision.

States he wouldn't say 'concerned'. Explains the framework for monitoring balance sheet shrinkage (QT) was in place, and the tick-up in the federal funds rate within its range signaled the system is in an 'ample reserves' regime.

Announces the resumption of reserve management purchases, clarifying this is separate from monetary policy and is necessary to maintain an ample supply of reserves.