Recently, attention has turned towards the statements of the Federal Reserve Chairman, which carried precise messages reflecting a cautious approach to managing monetary policy. Despite keeping interest rates unchanged, the tone was accompanied by clear warnings about the impact of new tariffs on prices, considering that the inflationary burden will directly affect consumers. These signals reflected concern about the return of price pressures amid the continued rise in the inflation rate above the target level, which calls for more caution before taking easing steps.
In contrast, the Fed Chairman indicated that the labor market still retains its strength, allowing enough time to monitor economic developments without rushing to adjust policies. While there was no explicit intention announced to lower interest rates in the near term, member forecasts suggest the possibility of two gradual cuts before the end of the year, provided there are clear signs of inflation stability. The speech was characterized by balance, placing the market in a calculated state of anticipation for upcoming reactions, amid an economic environment marked by some ambiguity due to global trade tensions and geopolitical changes. This approach reinforces the "data first" philosophy, giving the Fed enough room to avoid uncalculated surprises.