Internet reported that Federal Reserve Chairman Powell delivered a speech on the economic outlook. He said that after several years of solid growth in the U.S. economy, many forecasters expect growth to slow down this year. Survey respondents pointed to the impact of new U.S. federal government policies, especially trade-related policies. We are paying close attention to this tension between hard data and soft data. As new policies and their possible economic impact become clearer, we will better understand their impact on economic and monetary policy.