Federal Reserve Governor Wall said that the new tariff policy is one of the biggest impacts on the US economy in decades. I believe that the high inflation caused by tariffs will be temporary. If the current average tax rate of 25% is maintained for a period of time, inflation may peak at close to 5%; in the case of a reduction to 10%, inflation may peak at 3%. Under high tariffs, the drag on output and employment may be more persistent; the unemployment rate may rise to 5%. In the scenario of large-scale tariffs, if there is a significant economic slowdown, I am inclined to cut interest rates earlier and by a larger extent than previously thought. In the case of an average tariff below 10%, economic activity will be minimally affected; I support taking limited monetary policy responses. In the scenario of smaller tariffs, the Fed may be more patient, and interest rate cuts may occur in the second half of the year. Policy is highly uncertain, and the Fed should remain flexible. The temporary suspension of some tariffs may expand the range of potential outcomes, making the timing of (rate cuts) less certain. Inflation expectations have not lost stability, and inflation is expected to fall to a more moderate level by 2026. Monetary policy is significantly constraining economic activity, and potential inflation is expected to continue to moderate downward.