Federal Reserve Chair Jerome Powell discussed various aspects of inflation expectations, highlighting that most long-term measures align with the 2% inflation target. He noted a recent increase in near-term inflation expectations, attributing it to tariffs. Powell emphasized the importance of preventing one-time price increases from leading to sustained inflation and expressed satisfaction with favorable inflation readings over the past three months. Additionally, Powell addressed the uncertainty surrounding the effects of tariffs on inflation, mentioning the potential burden on end consumers and the need for confidence in inflation reduction. He also discussed the impact of the labor market on the economy, emphasizing the need to maintain interest rates given current labor market conditions and expected inflation. Powell emphasized the current policy stance as being well-positioned to respond promptly to any necessary actions, highlighting the importance of waiting to gather more information before considering policy adjustments.