With this remark, Powell reaffirmed that political pressure has no influence on the Fed’s monetary policy. He also emphasized that “the President’s calls for rate cuts do not affect our job in any way.”

Inflation Uncertainty and Tariff Impact

Another critical focus of the meeting was inflation and the impact of tariffs. Powell said, “The core inflation picture looks good, but we can’t say how long it will last.” He added that there is significant uncertainty around tariffs and their longer-term implications.

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“We haven’t yet seen major economic effects from tariff data,” Powell said, while warning that if the sharp increases in tariffs continue, “we could see higher inflation and lower employment.”

He also noted, “According to survey participants, inflation expectations are now being shaped by tariffs. So far, tariffs have been significantly larger than expected.”

Rate Cut Signals Without a Timeline

Although Powell left the door open for future rate cuts, he refrained from committing to any specific timeline. Regarding market expectations of two cuts in March, he responded, “We can’t make that prediction right now; we need to wait until June.”

One of Powell’s key remarks was:

“There are conditions this year where rate cuts could be appropriate.” He added, “When things evolve and it’s appropriate, we can move quickly. But now is the time to wait before changing policy.”

These statements suggest that the Federal Reserve is not rushing into decisions but remains prepared to act swiftly if economic data requires it.

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According to the AFP news agency, Durov left France for Dubai on the morning of March 15 after obtaining permission from French authorities to exit the European country.

“Standing with Pavel Durov”

TON Society stated, “We have stood by Pavel since his arrest on August 24, 2024.” The statement continued:

“Pavel’s unwavering commitment to free speech and transparency, even under the most challenging circumstances, is a powerful reminder of the importance of standing by your principles, even when it is politically and personally costly.”

French Government Condemned!

Previously, TON Society had strongly criticized the French government’s decision to detain Durov, urging his immediate release as the founder of Telegram.

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In a letter dated August 27, they wrote:

“The arrest of Telegram founder Pavel Durov is a direct attack on a fundamental human right — the freedom of expression for all.”

The organization also called on international bodies such as the United Nations (UN), the Council of Europe (CoE), the Organization for Security and Cooperation in Europe (OSCE), and the European Union (EU) to intervene and demand Durov’s release.

Macron Denies Political Motives Behind Durov’s Arrest

Following Durov’s arrest by French law enforcement, French President Emmanuel Macron denied that the move was politically motivated. Macron insisted France remains committed to free speech, although his remarks were met with skepticism from both the crypto industry and free speech advocates.

In a subsequent press conference, Macron also denied inviting Durov to France, despite widespread backlash from the crypto community.

Meanwhile, Chris Pavlovski, CEO of the free speech video platform Rumble, confirmed that he safely left Europe shortly after Durov‘s detention. In an August 25 post on X, Pavlovski stated that the French government had also threatened Rumble and condemned authorities for cracking down on free speech.

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