GDI is an alternate measure of economic growth, similar to gross domestic product, but with income rather than output as the yardstick. A gap between the two led Fed officials to worry that output might be weaker than thought, but the two converged when the estimate of GDI was increased.

Federal Reserve Chair Jerome Powell has signaled that more rate cuts are in the pipeline, though their size and speed will depend on the evolution of the economy.

Speaking at the National Association of Business Economics in Nashville, Tennessee, Fed chair Jay Powell today played up the gradualist message that he had sounded out at September 18’s post-rate decision press conference — on amplifiers. His speech had three key messages.