SUMMARY OF FED CHAIR POWELL'S STATEMENT: 1. Near-term US inflation expectations have risen 2. The Fed sees US PCE inflation at 3.5% in March 2026 3. Higher energy prices will "push up" near-term inflation 4. Middle East situation is contributing to uncertainty 5. Current Fed policy stance is "appropriate" 6. Powell will remain on the Fed board as Governor after May 15th A new era of Fed policy is ahead of us.(The Kobeissi Letter)