I will review Powell's speech today, and it seems that there was no clear statement. Many reporters are concerned about whether the 50-basis-point rate cut by the Federal Reserve is due to the impact on the economy, but Powell did not give a clear answer. Of course, he emphasized that the current labor market is still relatively stable, but if the rate is cut too quickly, it may hinder inflation. In a sense, Powell does not seem to support further increasing the pace of rate cuts. Of course, the focus is still on the upcoming data. The key point today is that "the risk of repeated inflation and the risk of high unemployment are balanced." The speed of the decline in inflation is faster than expected, which should be the main reason for the Federal Reserve to increase the pace of rate cuts. As for the future, it is normal for Powell to be evasive. He will certainly not announce the pace of future rate cuts in advance, but based on the dot plot, the possibility of 25-basis-point cuts in November and December is still quite high. This tweet is sponsored by @ApeXProtocolCN | Dex With ApeX.