Last night, Federal Reserve Chairman Powell delivered his semi-annual monetary policy testimony in the U.S. Senate, accepting questions on monetary policy and bank supervision, focusing on two aspects.

The first is about the U.S. Consumer Price Index (CPI). The latest data shows that the U.S. CPI fell to 3.3% in May. Although there is still a certain gap from the target of 2%, the market expects that the June CPI released on Thursday will continue to fall. This is a positive signal for the interest rate cut policy.

The second is the employment data. Although the latest U.S. employment data exceeded expectations, the data for April and May were lowered, and the market generally believed that there was a large volatility. Salary data showed that the growth rate of the U.S. job market has slowed down, and the unemployment rate has risen to 4.1%.

In his testimony, Powell emphasized the importance of the unemployment rate, although he seemed to try to reduce its impact on monetary policy. At the interest rate meeting half a month ago, he also regarded the wage growth rate as the main cause of inflation, but now he has begun to change his statement, saying that the direct connection between inflation and the labor market is limited.

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Overall, the Fed's goal is to reduce inflation and achieve economic recovery, and the interest rate cut policy may be implemented in September. For investors, the end of July to the beginning of August may be a good opportunity to layout.

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