Looking back at the key points of Powell's speech, they are basically three things: If it weren't for the new tariff policy, the Federal Reserve would have already cut interest rates. The reason for the current interest rate cuts is the uncertainty of the tariff policy. 2. Maintain a very cautious attitude towards the July rate cut, but be more open to the September rate cut. 3. The US economy is sufficiently volatile, and currently the job market is stable, so there is no need to alleviate labor market problems through interest rate cuts.