According to TsLombard, Jin10 reported on May 17 that the Federal Reserve is unlikely to implement monetary tightening in the near future; even if it occurs, it will almost certainly be after 2027. Globally, policy tightening by central banks in response to oil price shocks may also be limited, and aggressive tightening cycles are unlikely to occur. In Europe, rising energy costs continue to weigh on economic activity, and this year, the tightening measures by the European Central Bank and the Bank of England are expected to be smaller than market expectations.