On May 15, John Williams, President of the New York Federal Reserve, delivered a public speech on Thursday, stating that in the context of significant uncertainty due to conflicts in the Middle East, there is currently no need for the Federal Reserve to consider adjusting interest rate policies. He emphasized that the overall monetary policy is in an appropriate range, with no rationale for either raising or lowering rates in the short term. Williams expressed these views at an event hosted by the National Association for Business Economics, maintaining a consistent policy stance. He highlighted the importance of stabilizing inflation expectations, noting that while short-term inflation expectations have risen slightly, this is a normal phenomenon, and long-term inflation expectations remain stable, which is crucial for overall price stability. Regarding the impact of tariffs, Williams believes that the inflationary effects of tariffs have largely been absorbed, and it is essential to continue monitoring the evolution of overall price pressures. Williams pointed out that current inflation expectations are generally under control, and the labor market has not further pushed up prices. There have been no unusual second-round effects or persistent inflation inertia in the market, but he stressed the need for close observation and vigilance in monitoring. Commenting on the continued strength of the U.S. stock market, Williams stated that this is not surprising given the level of optimism regarding the economic outlook. He noted that the market holds optimistic expectations for future productivity gains, with advancements in technology such as artificial intelligence serving as significant support. Additionally, he gave a positive assessment of the Federal Reserve's current ample reserves banking liquidity management system, stating that it is functioning well.