1. Monetary policy: I don't think “interest rates will be cut next time” is anyone's basic assumption. 2. Labor market: Household employment data needs to be carefully assessed. Data that cannot be collected may be distorted/distorted. Technical factors may distort CPI and household employment data. The unemployment rate is likely to rise by only one-tenth to two-tenths. There is no dispute that employment growth is being touted. Artificial intelligence may be one of the reasons for weak employment, but its impact is not significant. 3. Inflation: The US has made progress in the field of non-tariff inflation. If the US does not implement new tariffs, commodity inflation is likely to peak in the first quarter of 2026. April. October-November US government shutdown: Growth expectations for 2026 have been revised to a certain extent, reflecting the end of the US government shutdown in October-November. 5. Personal future: There are no new plans after the end of the term as chairman of the Federal Reserve.

1. Monetary policy: I don't think “interest rates will be cut next time” is anyone's basic assumption. 2. Labor market: Household employment data needs to be carefully assessed. Data that cannot be collected may be distorted/distorted. Technical factors may distort CPI and household employment data. The unemployment rate is likely to rise by only one-tenth to two-tenths. There is no dispute that employment growth is being touted. Artificial intelligence may be one of the reasons for weak employment, but its impact is not significant. 3. Inflation: The US has made progress in the field of non-tariff inflation. If the US does not implement new tariffs, commodity inflation is likely to peak in the first quarter of 2026. April. October-November US government shutdown: Growth expectations for 2026 have been revised to a certain extent, reflecting the end of the US government shutdown in October-November. 5. Personal future: There are no new plans after the end of the term as chairman of the Federal Reserve.