ChainCatcher message, Federal Reserve Chairman Powell stated on Friday that the costs of currently adopting a cautious stance on monetary policy are "very, very low," but he also mentioned that these costs could rise if inflation expectations come under pressure. Although the standard reaction to one-time price increases caused by tariffs is to ignore them, this time may be different.Powell said, "If it (i.e., tariffs) turns into a series of events, and if the increases are larger, that will be important, and what really matters is what happens to long-term inflation expectations." Powell also pointed out that in 2019, the Federal Reserve had actually cut interest rates three times in response to the first tariffs imposed by the Trump administration and the economic slowdown that followed, "This is the result of these broad changes in economic policy, and not just tariffs."