After watching Fed Governor Waller's speech for a while, he briefly explained three key points! 1: The increase in tariff measures may lead to layoffs, and a good way to offset the cost of tariffs is to lay off employees and inform the market that unexpected unemployment rates may occur in the future. 2: The impact of tariffs in the first half of the year is basically like this, and it is more likely to be reflected in the second half of the year and may be a one-time impact rather than multiple impacts. 3: We still formulate policies based on data. As the unemployment rate rises and interest rates are cut or opened, the unemployment rate is a hard indicator for interest rate cuts, which cannot be changed. However, if the unemployment rate is too high, it will not be fun. In addition, we emphasize the position of the Federal Reserve and Powell. There's nothing else, look forward to the release of the first non farm employment data and unemployment rate in May! Overall, Waller's speech has sent some signals to the market, which is quite good. The US stock market performed well today, but BTC didn't follow. Don't worry if you don't follow, it's okay if it rises later! Bitcoin