Key points from Powell's press conference. 

The Fed kept rates unchanged: 4.25–4.50%

Powell:

– The rate schedule is “not set in stone” and depends on data

– “Significant” inflation growth is expected

– We need to “wait and see” — we are monitoring the situation closely

– Tariffs will raise prices and slow growth

– Dilemma: jobs vs. prices — balance is important

Labor market: no mass layoffs, but weak growth in new jobs.

Fed forecast:

– GDP ≈ 1.4%, unemployment ~4.5%, inflation ≈ 3% in 2025

– 2 rate cuts in 2025, then a slower pace

What is important: there is no urgency to cut rates, geopolitics is increasing uncertainty, the market will hold on to new data.