1. Monetary policy is in a new phase during the process of interest rate adjustments. Future observations will need to see progress on inflation, and there will not be an overreaction to a few months of inflation data. The decision statement means that we are either slowing down the pace of interest rate cuts or pausing the rate cuts. We are closer to neutral (interest rates), which is another basis for our caution. The timeline of (policy actions) indicates that we are either slowing down the adjustment of monetary policy. 2. Inflation has made considerable progress. Confidence remains that 'inflation is on track to return to the 2% target.' It is expected to achieve the inflation target in the next 1-2 years. 3. Employment 4. Tariffs The 2018 tariff analysis remains a good starting point. Past efforts (in monetary policy) have put us in a position to assess (President-elect Trump) implementing any new tariffs. 5. Cryptos According to existing legislation on Capitol Hill, the Federal Reserve is not allowed to hold Bitcoin. The Federal Reserve is not seeking to amend the law to be able to hold Bitcoin.