The Fed chair just dropped a telling statement. Powell pinned inflation overshooting the 2% target squarely on Trump's tariff moves. But here's the kicker—he's framing it as a one-off price bump, not a sustained spiral. That distinction matters. If tariffs truly trigger a single-step price adjustment rather than ongoing pressure, markets might digest this differently. Still, the acknowledgment itself signals the central bank's wrestling with policy headwinds that aren't purely monetary. Worth watching how this narrative shapes rate expectations going forward.