SUMMARY OF FED CHAIR POWELL'S STATEMENT (3/18/2026): 1. Inflation in the US "remains somewhat elevated" 2. Economic implictions of the Iran War are "uncertain" 3. Near-term inflation expectations have risen due to rising oil prices 4. Fed's long-term inflation target remains at 2.0% 5. Last year's rate cuts bring rates to "plausible estimates of neutral" 6. Higher energy prices will push overall inflation up The Fed is now what appears to be a long pause.(The Kobeissi Letter)