Powell's speech this time boils down to one core idea: shifting blame + waiting.
On the inflation blame-shifting part:
"Rising prices are due to tariffs, don't blame the job market. But Trump loves to impose tariffs arbitrarily; I only look at the results to decide whether to cut interest rates. The government is in debt up to its ears? Not my problem!"
Economic self-praise segment:
2. "Currently, price control is okay, the job market is nearly saturated, and the economy is stable as a rock, give myself a thumbs up"
Cloaked crisis hints:
3. "However, this tariff fire might make inflation burn even brighter, which could be bad in the long run"
Classic bureaucratic jargon:
4. "When to lower interest rates? Depends on my mood! It depends on which is more outrageous, employment or inflation, and when they can roll back to ideal states"
Showy confidence:
5. "I'm not in a hurry right now, employment is good, and the economy is stable. Negative GDP growth in the first quarter? That's just the import data messing around; I pretend not to see! Just waiting to see Trump perform"
Ultimate blame-shifting trio:
6. "How can I make decisions if trade negotiations yield no results?"
7. "What does China's port paralysis have to do with me?"
8. "Supply chain issues? Go talk to Trump, I only deal with interest rate adjustments to control demand!"
FOMC statement:
"Unanimously agreed to continue lying flat, interest rates stay at 4.25%-4.5%"
"Unemployment rate is lying flat, it's still easy to find a job"
"Balance sheet reduction continues, government and mortgage bonds are still being sold off"
"Prices are still a bit high, now it's either an explosive unemployment rate or explosive inflation, risks are increasing"
"Economic outlook? It's even harder to see! Although import and export data fluctuate wildly, the overall economy is still speeding"
Summary: The Federal Reserve is now walking a tightrope wearing VR goggles—afraid of inflation rebounding and afraid of the economy stumbling, they simply want to drag it out. Powell has 'not my problem' written all over his face, shifting all blame to Trump's trade policies.
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