The market was disappointed in Powell's speech last night, and the logic we discussed earlier can be understood: the main reason for the market's sharp decline is policy uncertainty and exceeding expectations, so the issue of tariffs can only be resolved through tariffs. At present, the best solution is for the Federal Reserve to wait and see. Because the effect of the Federal Reserve moving first and Trump not moving is greatly reduced, Trump moving the Federal Reserve will not be necessary. The pace of the Federal Reserve's actions in the future should be based on the inflation and economic situation after the implementation of tariffs in early April. As Federal Reserve Governor Waller said the night before, if only a 10% tariff inflation does not have a significant response and the economy slows down, the Fed will have a reason to cut interest rates. Of course, it is also possible for a larger impact to erupt, and Powell may have a reason to act as a white knight, not only by cutting interest rates but also by making greater asset purchases (in various forms of expansion) As for the reduction of balance sheets, it should be stopped by the end of the second quarter at the latest by the third quarter (of course, Powell would say it is a pause).