Fed governor Waller said the new tariff policy was one of the biggest impacts on the U.S. economy in decades. I think the high inflation due to tariffs will be temporary. If the current average tax rate of 25% is maintained for a period of time, inflation may peak at nearly 5%; if it drops to 10%, inflation may peak at 3%. Under high tariffs, the drag on output and employment may be more durable; the unemployment rate may rise to 5%. In a large-scale tariff scenario, if there is a significant economic slowdown, I tend to cut interest rates earlier and more significantly than I thought. With the average tariff below 10%, economic activity will be limited to impact; I support a limited monetary policy response. In the case of smaller tariffs, the Fed may be more patient and the rate cut may take place in the second half of the year. Policy is highly uncertain and the Fed should remain flexible. Some tariff suspensions may have expanded the scope of potential outcomes, making the timing of (rate cuts) less certain. Inflation expectations have not lost stability, and inflation is expected to fall back to a more moderate level in 2026. Monetary policy is significantly limiting economic activity, and potential inflation is expected to continue to decline moderately.