Federal Reserve Chairperson Jerome Powell said the survey showed that tariffs are driving inflation expectations, and uncertainty about the new policy and its impact is high. Determining the extent of the tariffs' impact on inflation will be difficult, and it is too early to say whether it is appropriate to ignore the impact of tariffs on inflation. And said the new administration is implementing major policy changes, and the net effect is the key. Powell said inflation remains relatively high and that the long-term inflation expectations target remains in line with 2%.