That's it. Looking back, this time the more questions were about tariffs and economic downturn. Powell's answer is still the same, but there is a clear change this time, which is that he believes inflation has actually been declining. If there have been fluctuations in the past two months, it should be a matter of tariffs. Moreover, it is believed that the impact of tariffs on inflation is limited and short-term. As long as the tariff policy is not constantly changed, it is unlikely to affect the expectation of inflation returning to 2%, as the rise in inflation and tariff issues may affect the slow growth of the US economy. However, the Federal Reserve has not seen any expectation of an economic recession at present. Regarding the upcoming interest rate cuts and balance sheet cuts, Powell is still quite hawkish and does not believe that there will be an opportunity for a rate cut in May. He also believes that tariffs may cause inflation to be higher in May. There have been discussions within the Federal Reserve about completely stopping or suspending balance sheet cuts, but ultimately vetoed the suspension and chose to lower the balance sheet. Overall, Powell does not believe that the US economy will experience a recession, at least for now. However, he does consider the possibility of a decline in GDP and a slowdown in the US economy, but because the job market is stable and consumer spending and wage levels are good, he will not make any advance predictions about a recession. In other words, he will not increase the frequency of interest rate cuts due to the consideration of a recession. That's probably it. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex