When a person is about to back down, their words soften. Powell's speech last night indicated that the Federal Reserve prefers to maintain interest rates and temporarily disregard the energy shock caused by the war with Iran. In fact, a change observed in the bond market last Friday was the increasing betting on a potential recession due to the Iranian situation and high oil prices. This change became even more pronounced after Powell's speech yesterday. In fact, Powell's remarks reflect his consistent stance over the past few years: refraining from making predictions or forecasts until significant changes in economic data are observed, maintaining a wait-and-see approach until clear trends emerge before making adjustments. As he warned last night, if rising prices alter public expectations of inflation over time, it may be impossible to remain indifferent.