On January 31st, the Federal Reserve’s Gulsby stated that inflation data was better than expected. As interest rates move towards neutrality, uncertainty should decrease. Seeing that inflation continues to remain at around 2%, the performance over several months has been quite stable. It is expected that the base effect will further reduce inflation, and there is a possibility of further decline in 2025. In theory, a one-time tariff increase is temporary and may not require policy response.
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