The Fed chair just dropped some interesting thoughts on where inflation might be headed. According to his latest take, the labor market probably won't heat up enough to spark another inflation wave—that ship seems to have sailed. But here's the catch: tariffs could be a different beast entirely. There's a real chance that tariff-induced price hikes stick around longer than anyone wants. For those watching macro trends in risk assets, this matters. Persistent inflation from trade policy could mean the central bank keeps rates elevated, which historically puts pressure on speculative markets. Worth keeping on your radar.