Key points and highlights from the speech of the Chair of the U.S. Federal Reserve, Powell

Key points and highlights from the speech of the Chair of the U.S. Federal Reserve, Powell. Overall, it conveys the main points of the Fed's accompanying letter and again places a significant emphasis on Trump's tariffs.

There is not much good for risk asset markets in the speech.

- The economy is in a stable position.

- Labor market conditions remain stable.

- Inflation is somewhat above the target level of 2%.

- Over the past 3 months, we have received excellent inflation data, which is good news.

- Moderate inflation indicators are partly due to a cooling in housing construction.

- Inflation expectations for the near term have increased. Tariffs are a driving factor in this. Increases in tariffs are likely to exert pressure on economic activity and provoke inflation growth.

- Goods inflation has slightly increased, and it is expected to rise in the summer.

- The impact of tariffs on inflation may be more prolonged.

- Our duty is to prevent a one-time price increase from becoming a permanent inflation problem.

- Consumer sentiment has weakened, reflecting concerns about the Administration's trade policy. Unusual fluctuations in net exports complicate GDP measurement.

- The current policy allows for a quick response. For now, we can wait to learn more. The current monetary policy is well-prepared for unforeseen circumstances.

- We are beginning to see some consequences of tariffs. We expect more in the coming months.

- It is still unclear how sentiments will affect spending.

- The consequences of tariffs will depend on their level. Increases in tariffs this year are likely to affect economic activity and push inflation. The size, amount, and duration of tariffs are extremely uncertain. We are adapting in real-time to estimates of how high the tariffs will be.

- The Fed's forecasts are subject to uncertainty, which is extraordinarily high. When considering the Fed's policy forecasts, it is better to focus on the near term. Longer-term forecasts are difficult to make.

We are listening to journalists' questions and answers.