Jin10 data reported on May 8, The Federal Reserve (FED) preemptively cut interest rates in 2019. In response, FED Chairman Powell stated that the current situation cannot be compared to that time. The inflation rate at that time was below the FED's 2% target; now it is above that level, and due to tariffs, it is currently "expected that we will see upward pressure on inflation." Powell told reporters that now "we cannot act preemptively, and until we see more data, we will not know what the correct (policy) response is."