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Summarize the key points of Old Bao's speech last night:
Powell: It is still too early to assess the impact of tariffs on inflation.
The impact of tariffs on consumer prices is beginning to manifest.
The upcoming (subsequently released) inflation data is expected to reflect more of the tariff impacts.
The process of tariffs being passed on to prices may be slower than previously anticipated.
It can be said that the Federal Reserve will look at inflation (tariffs) with a 'no rate hike' stance.
do not believe that the fiscal policies related to the big beautiful tax law have any particularly stimulating effect.
We do not consider the cost of changes in government (debt) interest rates.