Jinse Finance reported that Federal Reserve Chairman Jerome Powell stated on Wednesday that some of the more severe inflation scenarios facing the economy have eased. "In fact, since April, I believe the risks of higher and more persistent inflation may have diminished, partly due to a cooling labor market and slower GDP growth," Powell said at a press conference. Powell noted that tariffs are increasing price pressures, but it is becoming increasingly clear that this is more of a "one-time price increase rather than the start of an inflationary process."