It seems that the opposition to the Beautiful Bill by a force represented by Musk today is still effective. The bill may not be passed as scheduled before the holiday this Friday. Just now, Trump said that he was willing to postpone the deadline of his domestic policy bill and promised that he would not be "too crazy" in terms of spending cuts. Trump has stated that he hopes to pass this "big and beautiful" tax and spending bill before July 4th, but he believes it will be difficult to do so, so it may be passed around July 4th. When asked if some proposed amendments were too radical, Trump said he didn't want to be "too crazy" in cutting spending, and that this is a large-scale bill. Although smaller bills are easy to pass, he doesn't think the effect will be as good. Another piece of news is that Powell said the US economy is performing well, and the vast majority of Federal Reserve members expect to cut interest rates later this year. It cannot be said yet whether it is too early to consider a rate cut in July. But if the data is good, it will not rule out any interest rate cut at the meeting. The translation is either a rate cut in July or a rate cut in September. The key point is to imply that July is also possible, but from the current perspective, the possibility of a rate cut in July is not very high, more like Master Bao's usual expectation management. As mentioned in the previous article, the market often starts buying expectations when information comes out, so no matter when the interest rate is cut in the second half of the year, the market will price in advance before the actual interest rate cut arrives. That is to say, the interest rate cut market may have already begun.