Last night's speech gave us three signals: 1. Interest rate cut: Under the pressure of a 6.5% unemployment rate and a 2.9% core PCE, the number of votes in favor of two interest rate cuts in the dot matrix was forcibly increased from 5 at the March meeting to 9, completely crushing the market's illusion of four interest rate cuts within the year. Only drop twice, for those who want a bull market, dream it! 2. Tariffs: When asked if Trump's tariff policies would force the Federal Reserve to cut interest rates early, Powell directly threw out historical data from 1988- during the Reagan era's 30% car tariff period, the Federal Reserve actually raised interest rates by 175 basis points, implying that this time it may replicate the "rate hike to combat inflation" script. 3. Iron King: In response to rumors that the Trump team is planning to replace the Federal Reserve Chairman, Powell referred to Section 2 of Chapter 10 of the Federal Reserve Act. When asked by reporters at the scene whether he is considering resigning, he smiled and displayed his phone screensaver - a night view of the Federal Reserve Building with the caption "My House". Overthinking, Baozi, Lao Bao won't step down until at least June next year, no one dares to touch his throne! Haha~BTC