Trump's tariffs exceeded expectations, which has attracted widespread attention from the market on the future trend of the US economy. Fed Chairman Powell's multiple speeches highlighted the risks of tariffs that could lead to higher inflation and slower economic growth, showing his concerns about the current economic situation. As the impact of tariffs far exceeds the Fed's expectations, Powell pointed out that economic uncertainty may intensify and corporate confidence will be hit, which will in turn affect investment decisions and consumption behavior. This situation could lead to an economic slowdown or even a rising risk of recession. Powell mentioned that the current high unemployment rate and inflation risks are intertwined, forming a challenge for policy adjustment. Although Powell said the Fed would take a wait-and-see attitude, market expectations for future monetary policy have begun to change, and investors reassess the possibility of interest rate hikes and interest rate cuts. In the next few months, as the implementation effect of tariff policies gradually emerges, economic data will become a key indicator, and the market will closely monitor the Fed's reaction. Overall, Trump's tariff policy may drive inflation up in the short term, while in the long term, it may curb economic growth, leading to investors' cautious attitude towards risky assets. Overall, the future economic trend will depend on the ongoing impact of tariff policies and how the Fed responds to this complex situation. Investors need to remain vigilant and flexibly adjust their investment strategies to cope with potential market volatility.