Core Viewpoint - The current economic situation is significantly different from 2019, making preemptive interest rate cuts inappropriate at this time [1] Summary by Relevant Sections - **Inflation Context** - Current inflation rates are above the Federal Reserve's 2% target, contrasting with 2019 when inflation was below this target [1] - There are expectations of upward inflationary pressures due to tariffs [1] - **Policy Response** - The Federal Reserve, led by Chairman Powell, emphasizes the need for more data before determining the correct policy response [1] - Powell indicates that preemptive actions are not feasible without further information [1]