It's over. Looking back, this time more questions were asked about tariffs and economic downturns. Powell's responses were still the same as before, but there was a noticeable change this time in that he believes inflation is actually decreasing. If there have been fluctuations in the last two months, it should be attributed to tariffs.

He also believes that the impact of tariffs on inflation is limited and short-term. As long as the tariff policy does not change continuously, it is unlikely to affect the expectation of inflation returning to 2%. The rise in inflation and tariff issues may slow down the growth of the U.S. economy, but currently, the Federal Reserve does not foresee an economic recession.

Regarding the upcoming interest rate cuts and balance sheet reduction, Powell remains relatively hawkish and does not believe there will be an opportunity for rate cuts in May. He also thinks that tariffs may cause inflation to be somewhat higher in May. There has been internal discussion within the Federal Reserve about completely stopping or pausing the balance sheet reduction, but ultimately, the decision was made to continue reducing it.

Overall, Powell does not believe the U.S. economy will experience a recession, at least not at this moment. However, he does consider the possibility of a decline in GDP and a slowdown in the U.S. economy. But due to a solid job market, decent consumer spending, and wage levels, he does not anticipate a recession that would lead to an increase in the frequency of rate cuts.

That's about it.

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