On Tuesday morning, Eastern Time, Federal Reserve Chairman Powell said at the central bank forum hosted by the European Central Bank that the Federal Reserve has made considerable progress on inflation. However, he also said that he hopes to see more progress before he has enough confidence to start cutting interest rates. When asked what keeps him awake at night, Powell pointed out that it is the delicate balance between controlling inflation and avoiding a significant deterioration in the labor market. Powell is satisfied with the downward trend of US inflation after rebounding at the beginning of the year, highlighting a cautious optimism.