Federal Reserve Chair: Rising energy prices in the short term will push up overall inflation

On the 18th local time, the U.S. Federal Reserve announced that the target range for the federal funds rate remains unchanged at 3.5% to 3.75%. The Fed stated that the U.S. economy continues to grow steadily overall, but inflation remains above the target level, while also emphasizing the uncertainty surrounding the impact of Middle East tensions on the U.S. economy. Fed Chair Jerome Powell said at the press conference that, as of February this year, the personal consumption expenditures price index (PCE) in the United States increased by 2.8% year-on-year over the past 12 months, with core PCE (excluding food and energy) rising by 3.0%. He pointed out that current inflation remains relatively high, with some of the increase in commodity prices driven by tariffs. Powell also stated that in the short term, rising energy prices will push up overall inflation, but the scope and duration of related impacts remain highly uncertain. He emphasized that monetary policy has no preset path and will be decided at each meeting based on economic data. (CCTV News)