The core message of Powell's speech

Plain language, straightforward:
1. This is my last meeting as Chair
I will no longer be the Federal Reserve Chair after May 15, but I will still serve as a Fed Board member. The new Chair is Waller, and the transition will be completed before June.
2. Rates are currently steady, no need to mess around
Current policy is just right; we are observing and waiting. Whether to raise rates this time is basically a 50/50 chance, but no one really intends to hike.
3. Don't think about cutting rates yet; wait until oil prices and tariffs ease
If energy prices and tariffs don't cool down, we won't consider rate cuts.
4. Will soon change tone: no longer leaning toward rate cuts
At the earliest next meeting, we will remove the language about "more likely to cut rates," giving the market an early heads-up.
5. I don't rely on the dot plot; if we really cut rates, we'll say so in advance
Data is king; we won't rely on forecasts or predictions.
6. New Chair Waller won't listen to Trump; he's willing to stand up to him
I believe he will maintain independence and won't be swayed by politics.
7. Meeting adjourned! You won't see me in the chair anymore.