Trump called before Powell's speech to ask for a cut in interest rates, but old Powell didn't show any face: 1. The higher than expected tariffs may lead to rising inflation and slower economic growth, but it is still "too early" to decide whether to cut interest rates. 2. The Federal Reserve is in a favorable position to 'wait for clearer situation' 3. Tariffs may have a sustained impact on inflation, and their impact on the economy is greater than expected 4. It is necessary to ensure that price increases do not evolve into sustained inflation