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Core Viewpoint - The market is closely monitoring Federal Reserve Chairman Jerome Powell's latest statements regarding monetary policy and inflation concerns [1][2]. Group 1: Inflation and Economic Indicators - Powell indicated that the Federal Reserve needs more time to observe the impact of rising tariffs on inflation before considering interest rate cuts requested by President Trump. Current inflation rates have significantly decreased from mid-2022 but remain slightly above the Fed's long-term target of 2% [3]. - The Personal Consumption Expenditures (PCE) index rose by 2.3% in May, while the core PCE, excluding volatile food and energy prices, increased by 2.6% [3]. - Short-term inflation expectations have risen recently, with tariffs identified as a driving factor. However, most long-term expectations remain aligned with the Fed's 2% target [3]. Group 2: Employment and Labor Market - The overall employment situation is still strong, with an average monthly job increase of 124,000 in the first five months of the year and a low unemployment rate of 4.2% in May [3]. - Although wage growth is slowing, it continues to outpace inflation, indicating a balanced labor market that is not a significant source of inflationary pressure [3]. Group 3: Tariffs and Economic Activity - Powell noted that the increase in tariffs this year could raise prices and exert pressure on economic activity. The impact of tariffs on inflation may be temporary, reflecting a one-time price level change, but could also have more lasting effects [4]. - The Fed is in a favorable position to pause any policy changes while further assessing the economic outlook [4]. Group 4: Market Reactions - Following Powell's testimony, U.S. short-term interest rate futures slightly declined, suggesting reduced expectations for an early rate cut by the Fed [6]. - Major U.S. stock indices saw gains, with the Dow Jones up 0.85%, Nasdaq up 1.16%, and S&P 500 up 0.83% [6]. - Large tech stocks experienced mixed results, with Nvidia rising over 2% and Tesla declining over 2% [8].