💬 Main points from Jerome Powell's speech:
🟠 The GDP decline in the first quarter is just "noise" in the statistics.
🟠 Inflation expectations are rising in the short term.
🟠 People blame tariffs for the rise in prices.
🟠 Consumer and business sentiment is declining.
🟠 If tariffs remain, both inflation and unemployment will be higher.
🟠 The Fed may face a conflict between its two goals.
🟠 The labor market is currently holding strong.
🟠 Without distortions in the data, the economy looks stable.
🟠 Rates may not be lowered until 2026 if inflation rises again.
🟠 "We do not see a real economic slowdown — everything is still moving along".
🟠 "Taxes for Trump, rates for us. Everyone should stew in their own pot".
🟠 "So far, there has been no tariff shock".
🟠 "If the labor market starts to crumble — we will intervene".
🟠 "Imports surged sharply before tariffs, but that is temporary. In the second quarter, exports will save GDP".
🟠 "GDP jumped — but that is not a reason to change course".
🟠 "We meet with presidents if they invite us. I don’t ask to meet".
