Powell's comments indicate a cautious and measured approach to interest rate adjustments by the Federal Reserve. This approach can lead to mixed reactions in the stock market, particularly affecting broad market ETFs like SPY. Investors may interpret the Fed's cautious stance as a signal of ongoing support for the economy, which could stabilize or potentially uplift the market. However, the uncertainty about the timing and direction of future rate changes could also introduce volatility. The relevance of Powell's statement to SPY is significant as it directly impacts market sentiment and the economic outlook, which are critical drivers of the ETF's performance.