Welcome to closing bell. I'm Scott Wapner, live from Post 9 here at the New York Stock Exchange.

In just moments, Fed Chair J. Powell will begin speaking. We'll take you there live as soon as he does begin his remarks.

I do want to bring in CNBC senior economics reporter Steve Leesman with a first look at what we may hear.

In what is Steve, the chair's first remark since the news conference of

just one week ago.

Yeah, it is.

And Fed Power will say in Dallas, Fed Chair Powell will say in Dallas, we are moving policy

overtime to a more neutral setting, but the policy path is not preset.

So the economy is not sending any signals that we need to be in a hurry to lower rates.

The strength of the economy gives the fed the ability.

He says to approach decisions carefully.

Inflation progress has been broad-based.

It is substantially, he'll say, from its peak, but, quote, we're not there yet.

He sees October PCE at 2.3.

This is taking into account the CPI and the PPI and doing what economists have done all

around Wall Street today.

PCE at 2.3 with the cord rising to 2.8%.

Still pretty happy with that.

He expects inflation to continue to decline in a sometimes bumpy path, but he says it is

on a sustainable path, he says, to the Fed's 2% goal.

The U.S. economy, he says, is weathered the global pandemic and its aftermath and is now

back in a good place.

...