Boston Fed President Collins, who is also a voting committee member for 2025, believes that inflation expectations are a key indicator. She believes that if inflation expectations show a significant increase, it will be a worrying environment. Due to concerns that inflation expectations may anchor, the Fed has a high threshold for early relaxation of the financial environment. To put it simply, the Federal Reserve will not easily cut interest rates or relax policies unless there is strong evidence that inflation is truly under control. Otherwise, rashly cutting interest rates will make the market mistakenly believe that there is a shift towards optimism, and instead push up inflation expectations. But if the GDP in the first quarter turns negative, I wonder if Collins will still think so.