PANews March 20 news, according to Jinshi, Fed Chairman Powell said that the Fed does not need to rush to adjust its policy stance, and needs to wait and see based on the data. It can relax or maintain a restrictive stance as needed. It is already at a stage where it can cut interest rates or maintain the current clearly tight policy stance. Inflation remains slightly high. Further progress in inflation this year may be delayed. The baseline forecast is that inflation will be temporary. The US economy is strong, and surveys show increased economic uncertainty. Recent signs indicate that consumer spending has slowed. We will pay close attention to signs of weakness in hard data. Forecasters have raised the probability of a recession to some extent, but it is still not high. Labor market conditions are solid, and the overall labor market remains balanced. Both hiring and layoff rates are low, and a significant increase in layoffs could quickly translate into unemployment. Layoffs are important to the people involved, but not significant at the national level. Slowing down the balance sheet is a technical adjustment. Slowing down the balance sheet means a slower pace but longer duration. There is no plan to slow down the pace of MBS reduction, and it is inclined to remove MBS from the table. There is uncertainty about the impact of tariffs, pay attention to the net impact of policies, and short-term inflation expectations are rising. If recent commodity inflation data continues to be strong, it will definitely be related to tariffs. Staff simulations predict that the United States will be retaliated by tariffs across the board.