SUMMARY OF FED CHAIR POWELL'S STATEMENT: 1. Near-term US inflation expectations have risen 2. The Fed sees US PCE inflation at 3.5% in March 2026 3. Higher energy prices will "push up" near-term inflation 4. Middle East situation is contributing to uncertainty 5. Current Fed policy stance is "appropriate" 6. Powell will remain on the Fed board as Governor after May 15th A new era of Fed policy is ahead of us.

SUMMARY OF FED CHAIR POWELL'S STATEMENT:

1. Near-term US inflation expectations have risen

2. The Fed sees US PCE inflation at 3.5% in March 2026

3. Higher energy prices will "push up" near-term inflation

4. Middle East situation is contributing to uncertainty

5. Current Fed policy stance is "appropriate"

6. Powell will remain on the Fed board as Governor after May 15th

A new era of Fed policy is ahead of us.