#美国2月ADP就业人数

Powell: The impact of tariffs this time may be different. What matters is the long-term inflation expectations.

On March 8, Federal Reserve Chairman Powell said on Friday that the cost of currently taking a cautious approach to monetary policy is "very, very low," but he also stated that if inflation expectations come under pressure, these costs could rise. While the standard response to one-time price increases caused by tariffs is to ignore them, this time may be different.

Powell said, "If it (i.e., tariffs) becomes a series of events, and if the increases are larger, then it will be important. What really matters is what changes in long-term inflation expectations."

Powell also pointed out that in 2019, the Federal Reserve had actually cut interest rates three times in response to the first tariffs imposed by the Trump administration and the resulting economic slowdown, "This is the result of these broad economic policy changes leading to growth and everything else, not just tariffs."