Powell just spoke. Let's take a look at his speech first.

Federal Reserve Chairman Powell: The time has come for policy adjustments. We do not seek or welcome further cooling of the labor market. I am more confident that inflation will return to 2%. The upside risks to inflation have weakened, while the downside risks to employment have increased.

Powell's attitude this time is far less ambiguous than at the press conference after the last meeting.

And he sent the strongest signal of interest rate cuts so far, saying that the Fed intends to take action to avoid further weakness in the U.S. labor market.

Powell's speech increased the market's probability of a 50 basis point rate cut in September, among which interest rate futures traders expect the probability of the Fed cutting interest rates by 50 basis points in September to be about 33%, which is higher than before Powell's speech.

"Federal Reserve mouthpiece" Nick Timiraos posted on social media that today's speech shows that Powell's policy shift has been completed. Powell showed a comprehensive dovish attitude in his speech. Two years ago, he also said at the same time that the Fed would accept a recession as the price of restoring inflation.

Bao's speech this time is conducive to the interest rate cut in September. The big cake $BTC is also an upward needle. After breaking through 62000, it began to move downward. #杰克逊霍尔年会