Although Powell's speech did not directly discuss short-term interest rates, it conveyed a very clear signal that "the Federal Reserve will not rashly cut interest rates just because of one or two months of inflation data. In the short term, it will maintain the current interest rate level until a more stable downward trend in inflation is seen The main theme of this speech is that we were too dovish in the past, and now we need to adjust our framework, so as not to let the market misunderstand that we "like to release water" again. This is my personal understanding and may not be correct.