On March 30, Federal Reserve Chairman Powell stated that there is a tension between the Fed's two main goals. Inflation caused by tariffs is a one-time price increase that will raise the inflation rate by 0.5 to 1 percentage points. The situation in the Middle East is affecting oil prices; the policy is currently in a favorable position and can wait to observe how the current situation develops. There is a tendency to overlook supply shocks, but inflation expectations must be monitored.