Just now, Governor Waller of the Federal Reserve, a more dovish person than other Federal Reserve officials, expressed his opinion on Trump's tariff policy. He believed that: If the US tariffs remain at an average of 25% for a long time, the core PCE may rise to 4% to 5% (now 2.8%), and whether companies can pass on costs to consumers is the key to determining the extent of inflation. Although the impact on overall inflation is short-term, the Federal Reserve can ignore it. But the impact on the economy may be significant in the future, and it cannot be ruled out that it may lead to a significant economic downturn. If this leads to an economic recession, Waller will support earlier and faster interest rate cuts. Because he believes that with a rapid economic slowdown, even if the inflation rate is much higher than 2%, he still expects the risk of economic recession to outweigh the risk of inflation escalation. If the impact on inflation is much smaller with smaller US tariffs, and the expected peak can return to 3%, this situation will have less pressure on inflation and reduce the risk of economic recession. If the Federal Reserve still believes that inflation can return to 2% at this point, then Waller supports cutting interest rates in the second half of the year. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex