⚡ **Jerome Powell (head of the ** #FED **):**
✔️ Long-term impact of tariffs on inflation remains unclear.
✔️ Without price stability, we cannot achieve favorable labor market conditions.
❗️ We are in a good position to wait for more clarity before adjusting Fed policy (either cutting or raising rates).
✔️ We cannot say which way the risks will shift.
✔️ The interest rate is at a good level. The Fed’s wait-and-see approach is justified.
✔️ Looking past the Q1 macro data deviations, the economy is stable.
❗️ We do not think there is any need to rush.
❗️ I don’t rule out the possibility that rate cuts might need to be postponed until 2026 if inflation picks up again.
✔️ If high tariffs persist, there will be no progress on inflation.
✔️ But we don’t know this yet, as there is a lot of economic uncertainty due to tariffs.
✔️ We are not in a position to act preemptively.
✔️ We need to see more macro data.
❗️ There are scenarios where a Fed rate cut could be appropriate this year.
✔️ We will gain more clarity on economic prospects once the White House holds tariff negotiations with other countries.
✔️ When the situation evolves, we will be able to act swiftly if necessary.