[Former Fed Vice Chairman: Markets May Underestimate The Potential For Inflation To Cool This Year] Clarida, Former Fed Vice Chairman And Current PIMCO Global Economic Advisor, Said That The Market May Underestimate The Possibility That Inflation Will Not Stagnate This Year, But Will Begin To Decline Significantly To 2%. This May Be Due To The Small Increase In Actual Tariffs And Limited Transmission Effects, Which Is Lower Than Many People Expected. At The Same Time, Uncertainty Over The Details Of Trade Policy And The Trump Administration's Ambitious Tax, Spending And Deregulation Agenda May Pose A Headwind To Economic Growth. In This Case, Financial Markets May Begin To Price More Rate Cuts Based On The Fed's Past Policy Approach. I Think Whether The Fed Will Cut Interest Rates In The Scenario I Describe Will Depend On Whether It Judges That Inflation Expectations Remain Stable. Of Course, Increased Policy Uncertainty May Not Ultimately Pose Much Of A Headwind To Growth Prospects Or Financial Conditions. It Is Worth Noting That Foreign Manufacturing Only Accounts For Part Of The Product, And A Large Amount Of Product Value-added Comes From Sales, Marketing, Logistics And Intellectual Property. Deregulation And Policies Related To Trade And Immigration, Which Affect Supply And Demand At The Same Time, May Further Complicate The Monetary Policy Environment