Former New York Fed President Bill Dudley: The turbulent situation of the Federal Reserve has just begun.

Odaily Odaily News: The unsettling question of "whether the Federal Reserve has gone too far in fighting inflation, causing the world's largest economy to fall into a destructive recession" has shaken the long-standing calm of global markets. Until the answer comes, more turbulence is expected. Former New York Fed President Bill Dudley said that two weeks ago, he turned from a hawk to a dove, no longer supporting interest rate hikes, and instead advocated an immediate rate cut to avoid a recession. It turns out that the timing is not too early. Since then, evidence of a weakening job market and slowing inflation has accumulated rapidly, strongly suggesting that the Fed is behind the situation. He believes that an immediate rate cut is in order, but the possibility is small. This is inconsistent with Powell's cautious attitude, and the Fed rarely takes such measures outside of regular policy-making meetings. So the focus turns to the next meeting in September, and the Fed may cut interest rates by 25 basis points or 50 basis points, depending on the economic data between now and then. But after that, the road is unclear. (Jinshi)