Federal Reserve Chair Jerome Powell did not discuss monetary policy or the economic outlook in his brief opening remarks at the New York Fed conference. This was his first speech following a recent rate cut. Similarly, New York Fed President John Williams also refrained from commenting on the economy or monetary policy. Instead, Williams announced the launch of the Reference Rate Use Committee, a new initiative aimed at tracking how reference rates are used in private markets. The committee, costing an estimated $5 million, is expected to help markets understand and utilize reference rates more effectively.