Trump denied instructing the Department of Justice to issue a subpoena to Powell. Maybe this is the DOJ showing loyalty to Trump through this move, who knows. Powell is retiring in six months, so no matter how things play out, it’s pretty much set. The chances of a rate cut in January are very low; the focus will be on March and June. By then, Powell’s words won’t carry much weight anyway. The most important thing now is the next Fed Chair—whether they’ll follow the rate-cutting path Trump hopes for. Interest rates in China are already very low, and starting February 1, loan rates will be reduced again. But people just don’t have the motivation to take out loans. The reason is simple—there’s no confidence in the future. AI is replacing jobs across various fields, and it’s reached a point where everyone feels on edge. How can people dare to take out loans to invest in real industries? As for borrowing to consume, that’s even more out of the question.