The central bank is keeping a close eye on inflation dynamics, particularly whether recent price upticks are stemming from tariff measures that haven't fully kicked in yet. With supply chain adjustments still in motion and businesses adjusting their strategies, the delayed economic ripple effects of trade policies remain a key variable on the radar. Market participants should watch this closely—shifts in Fed commentary around tariff-driven inflation could signal policy directions that affect asset prices across the board. The uncertainty around timing and magnitude of these impacts makes it crucial to track how policymakers interpret incoming data.