Odaily reports that Federal Reserve Chairman Powell will deliver a public speech tonight, which will be an opportunity for him to publicly assess the impact of Trump's imposition of high tariffs on the United States' major trading partners. While these policy changes have occurred rapidly, and there is not much other impact visible in the data beyond the daily fluctuations in stocks, bonds, and foreign exchange markets, taken together, they have caused the risk of "stagflation" to re-emerge as a topic of discussion for forecasters. Adam Posen, director of the Peterson Institute for International Economics in Washington, said that the Fed's responsibility is not to formulate trade or tax policy, and the government can do whatever it wants. But the Fed should more clearly point out that, based on all available mainstream evidence, tariffs are more likely to lead to (higher) inflation. As Trump is about to implement tariff policies, the inflation level is not low. (Gold Ten)