The old man is right. It is really not easy to speculate about the Federal Reserve at present. Let alone our estimation that Powell does not know what to do next. Trump is the biggest uncertainty today. There is still the possibility of defensive interest rate reduction, which depends on whether the Federal Reserve anticipates that there may be problems in the economy. After all, in Powell's last speech, the focus was on "repairing the lost sheep", and the market is currently playing a very serious game against the Fed's interest rate cuts. In June, we can look at the chart, which basically represents the voices of the Fed's internal partners.