On May 8, Nick Timiraos, the Fed's mouthpiece, said that Powell downplayed any speculation that the Fed was seeking to cut interest rates to alleviate the economic weakness caused by Trump's tariffs. Powell mentioned the word wait 22 times at a press conference to emphasize that the Fed was in no hurry to act. The remarks exposed the divergence in monetary policy between the United States and other economies caused by Trump's trade policies. The simple reason is that other economies have not raised taxes significantly on imported goods and face weakening demand and employment, but without the impact of rising prices that the Federal Reserve may have to deal with later this year. In addition, since the U.S. economy has just experienced a period of high inflation, the Fed believes that it cannot risk pre-emptively cutting interest rates to support a slowdown in employment, so as not to aggravate price pressures in the short term. As a result, the Fed's stance is different from that of central banks in Europe, Canada and the United Kingdom. Powell hinted that the Fed would only cut interest rates after seeing evidence of a significant slowdown in economic growth, and possibly quickly. (Jin Shi)