The rate outcome is not as important as the Fed Chairman's speech. We have prepared a summary of the press conference:

• Inflation has declined, but risks remain elevated;
• Short-term inflation expectations have increased due to the introduction of tariffs;
• If high tariffs are maintained, this will lead to an increase in unemployment and inflation;
• The US economy remains stable and functions effectively;
• Powell did not rule out that the rate cut may be postponed until 2026 if inflation starts to rise;
• Trump's calls to cut the rate do not affect the Fed's work;
• Powell believes that the level of uncertainty has increased significantly;
• A rate cut this year is still likely;
• The Fed will not achieve its goals if tariffs are maintained;