What did Powell say last night? The market fell directly!

Powell said that the Fed has made significant progress on inflation. But he emphasized that he hopes to be more confident that inflation will continue to fall to around 2% before starting loose monetary policy.

Powell expects that the inflation rate in the United States will not exceed around 2.5% in the next year.

When asked if he thought the Fed might cut interest rates in September, Powell replied: "I will not set any specific date now."

Powell said that the United States continues to have solid growth and a strong labor market. We have seen substantial steps towards improving the balance of labor. The labor market has cooled over time as hoped. If the labor market is unexpectedly weak, the Fed will respond.

Powell pointed out that inflation in the U.S. service industry is more sticky and related to wages.

Powell emphasized, "We do think that policy is appropriately restrictive. We have seen the impact of high interest rates on the housing market. The current policy is achieving the effect we want."

Affected by Powell's speech, the Nasdaq index and the S&P 500 index quickly rose from decline to rise. As of 23:00 Beijing time, the Nasdaq index and the S&P 500 index rose by 0.28% and 0.08% respectively.

The US stock market rose, and the cryptocurrency market fell. The reason is that Powell did not give an exact time for the interest rate cut. #非农就业数据即将公布 #meme板块关注热点 #以太坊ETF批准预期 #美国5月核心PCE物价指数年率增幅创2021年3月以来新低