[Federal Reserve Policy Report Reaffirms Commitment to Price Stability, Notes Some Inflation Indicators Have Declined Over the Past Year] The Federal Reserve released its July monetary policy report to Congress on Friday in Washington, emphasizing its commitment to achieving price stability. The report noted that due to tariff impacts, 'consumer inflation indicators rose steadily in the second half of last year'; this year, inflation has further climbed, driven by rising energy prices amid the Iran conflict. The report also pointed out that some other inflation indicators, including the trimmed mean PCE previously highlighted by Federal Reserve Chair Walsh, have declined over the past year. The Federal Reserve stated that it is prepared to use all policy tools to achieve the goals of full employment and price stability, especially when the federal funds rate is constrained by the effective lower bound. The report also mentioned that U.S. labor productivity growth remains robust.