Federal Reserve Goolsby: The level of long-term inflation expectations is very important. Keeping inflation expectations stable is critical for the Federal Reserve. Inflation expectations are messy at the moment, but relatively stable over the long term. Political interference in the Fed's work creates problems. Current tariff policy is much larger than expected. Changing tariffs add uncertainty. Amid the current uncertainty, this is a time to pay attention to the data. Even now, the US still has a lot of manufacturing with complex supply chains. Productivity increases may be related to artificial intelligence jobs.