Today's homework is not very easy to write, mainly due to differences in Powell's speech. It's not just that some of the discussion partners have misunderstandings, but the English section also has different interpretations of this speech. However, no matter what, it is a prediction for the future development of the Federal Reserve. Among them, I agree with a viewpoint of Brother Wu @ qinbafrank, which is to see how the bond market goes. No matter how we understand it, whether we guess Powell's intentions correctly or not, it doesn't matter. What matters is how the market understands it, and there are two opposite interpretations in the market. From the perspective of the bond market, the 2-year US Treasury bond has started to decline, and the magnitude of the decline is quite large, indicating that the market expects the Federal Reserve not to maintain high interest rates for a long time. Moreover, there has been a decline in the probability of not cutting interest rates in July in CME. Both the bond and futures markets believe that Powell is releasing pigeons and that Powell's adjustment is to raise inflation by 2%. The US stock market has shown different expectations, with both the Nasdaq and S&P experiencing varying degrees of pullback, especially the S&P turning from rising to falling, causing BTC to temporarily fall below $103000, and gold to rise. It has been explained that some investors believe that the Federal Reserve may continue to maintain tightening, so the market's game also brings a certain degree of uncertainty. Looking back at the data of Bitcoin, the turnover rate has not increased, but is still decreasing. This indicates that most investors are still not interested in short-term price changes, even Powell's speech. More investors should focus on longer-term price trends. With the long-term fluctuation at $102000, there has been a situation of accumulation with $102000 as the core, but these investors are still mainly short-term investors and can still form effective support. The most stable support level at present is still between $93000 and $98000. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex