Odaily News Fed Chairman Powell said in a speech today that it looks like it will take longer to be confident about inflation and may need to stay at the current policy rate for longer. The Fed needs to be patient and wait for more evidence that high interest rates are curbing inflation, thereby doubling the need to keep interest rates high for longer. Powell expects inflation to fall month-on-month, but first-quarter price data undercut his confidence. The lack of further progress on inflation in the United States in the first quarter is noteworthy. The Fed does not believe that it is a smooth road to fight inflation, but recent data is higher than anyone expected. This tells people that they need to be patient and let restrictive policies work. (Jinshi)