Federal Reserve's Musalem: Economic activity seems stable, currently neither rising nor falling. Bankers report that financing pressure has eased and credit quality is good. Enterprises continue to report a shortage of skilled labor. Enterprises still maintain a cautious attitude towards capital expenditures and recruitment. The company is adopting different strategies to cope with tariffs, including cost cutting and negotiating with suppliers. The company has not yet reduced costs through layoffs. The companies that rely most on imports are shifting costs, while companies closer to consumers are less likely to raise prices so far. The Federal Reserve has not yet met its inflation target, but has not failed in terms of employment tasks and approaching full employment in the labor market. Looking ahead, there is a risk that the Federal Reserve may not meet both inflation and employment targets, and there is a downside risk to employment. The majority of the impact of tariffs on inflation is likely to gradually diminish. There is a certain probability of sustained inflation. The labor market is in balance, but economic activity is weaker, which poses a risk to employment. The increase in inflation caused by tariffs is likely to be short-lived. The Federal Reserve is currently seeking a balance between its responsibilities at both ends. Data integrity is crucial for the economy. The supply and demand of labor force are cooling down simultaneously. Growth below potential levels poses risks to the labor market.