It's over. Overall, the answer this time is somewhat hawkish. The reason for being hawkish is that they believe tariffs will have an impact on the economy, unemployment rate, and inflation in advance, but they are unwilling to make a plan in advance. They repeatedly emphasize that expectations are only expectations, and the Federal Reserve does not intend to make any changes until they occur. And it is believed that the Federal Reserve is currently in a very good position, choosing to pause interest rate cuts instead of changing them. From Powell's speech, it is clear that the Fed has no intention of adjusting interest rates until tariffs are officially introduced and have an impact, which once again reduces the possibility of a rate cut in June. The 90 day pause announced in April should resume in July, so if Powell insists on his view, the probability of a rate cut in July is still very low. From the overall response, Powell and the Federal Reserve have attributed all factors that are detrimental to the US economy, inflation, and employment to tariffs, believing that the government's uncertainty about tariffs is the main reason why the Fed cannot take action. They have also stated that inflation had been controlled before the tariffs and the unemployment rate was at a historical low, but after the tariffs, everything is difficult to say. As for Trump's attitude towards the Federal Reserve and Powell, this time Powell showed more impatience and almost refused to answer. When the last question asked why Powell did not go to see Trump, Powell had to answer that I never wanted to see the President, and I would never mention this request, and it was often the President who should meet the Chairman of the Federal Reserve, rather than the Chairman of the Federal Reserve. He also expressed Trump's willingness to never meet Powell. In addition, Powell also said for the first time that interest rates might be raised in his answer to reporters' questions this time, which also shows that the Federal Reserve is really not optimistic about tariffs. If there are problems in the economy, it is all Trump's pot. After Powell's speech, the probability of not cutting interest rates in June rose to 75.3%, an increase of 7%. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex