Labor market changes are mostly from immigration changesChanges in employment are much more about immigration changes"I don't think we can say" that policy no longer warrants a restrictive policy settingWe were right to wait previouslyNo widespread support for 50 bps todayChange in balance of risks suggests need to move in direction of neutralYou can think of this as a risk-management cutThe market hasn't liked the lack of clear dovish signals. There is a big turn lower in the S&P 500, now down 34 points, or 0.5%.The risks of higher inflation are 'a little bit less' than they were in AprilIn the labor market, we're seeing downside risksWe are in a meeting-by-meeting stance, we are going to be looking at the dataHighlights that the forecasts aren't a consensus forecastWe have 10 participants who wrote down 2 more cuts for the rest of the year and 9 saw less than thatInappropriate to comment on Cook's court castThe benchmark revisions to non-farm payrolls 'were almost exactly what we expected' This article was written by Adam Button at investinglive.com.