According to analyst Bill Dudley, regardless of fluctuations in high-frequency data, there are still compelling reasons for the Federal Reserve to tighten monetary policy. First, given the current economic conditions and the asymmetry between the Fed's dual goals of achieving full employment and price stability, a tightening monetary policy is appropriate. On one hand, the unemployment rate has remained stable and is very close to the level that members of the Federal Open Market Committee consider to be full employment; on the other hand, inflation remains high, with various core inflation indicators generally between 2.4% and 3.3%. In this context, monetary policy should adopt a tightening approach. Second, there is almost no evidence that the current monetary policy is tight. The federal funds rate has been maintained at its current level or higher for nearly four years, and the unemployment rate has been quite stable, remaining at full employment levels for the past two years. If the policy were truly tight, we would theoretically expect to see an increase in the unemployment rate and a decrease in inflation. The current strong conditions in the financial markets also support this judgment. Third, the surge in AI investments supports further tightening of monetary policy. The spike in AI spending is driving real GDP growth and pushing up prices in several areas, such as electricity costs and semiconductor chip prices. Although AI is expected to enhance productivity and help reduce inflation in the long term, its current dominant role is still to stimulate demand and push up prices. Fourth, the credibility of the Federal Reserve is at risk. The inflation rate has exceeded the Fed's 2% target for more than five consecutive years. If the Fed hesitates, market participants may perceive Waller's tough rhetoric as mere 'bluster.' The Fed should not tighten monetary policy solely to enhance its anti-inflation credibility. However, the reality is that the risks faced by the Fed are asymmetric: if monetary policy is not sufficiently restrictive in the coming years and fails to bring inflation back to 2%, the costs will be greater than those of a slightly tight policy that later proves to be overly restrictive. Waller has consistently pledged to achieve price stability and maintain the independence of the Fed, but actions speak louder than words. Establishing working groups and proposing new ideas are commendable, but monetary policy cannot be outsourced to external experts or market participants. The Fed needs to intensify its efforts to tighten monetary policy. Bill Dudley expects that the Fed will maintain its current monetary policy at next week's meeting, but by autumn, the pressure to tighten monetary policy will become very significant.