Powell: There is no rush to cut interest rates.

At 4 a.m. Beijing time, Powell gave a speech in Dallas saying that the economy did not send a signal that interest rates needed to be cut in a hurry. This was his first guidance on future monetary policy after the inflation data was released.

Although Powell emphasized that employment and inflation risks tend to be balanced, he pointed out when talking about inflation that the 2% target had not been achieved and would work hard to achieve it. Compared with the interest rate meetings in September and November, he adjusted the risk balance from employment to the middle state.

Previously, the market did not regard 2% as a strict inflation target, but Powell's attitude made it a must-achieve task, perhaps due to the pressure of the Fed's five-year review next year. This change is not what the winner of the election wants to see.