Let me share two little-known facts about Powell's speech early this morning:

First, a 25 basis point rate cut is due to market expectations that have already been anticipated and priced in, so the positive news translates to negative news! The mountains remain, and the sunsets continue to glow!

Powell is more cautious about policy adjustments for next year, which contrasts with some aggressive expectations of a rapid rate cut in the market!

Second, another point to clarify is that when Powell mentioned that the Federal Reserve is not allowed to hold Bitcoin, this statement puts some pressure on the market. Many people might have a misconception about Trump's earlier remarks regarding including Bitcoin in the national currency strategic reserves!

In fact, just like gold, the Federal Reserve can only hold gold certificates as financial assets and does not possess physical gold. The actual gold reserves of the United States are owned by the U.S. Treasury. Therefore, this does not conflict with Trump's proposal to include Bitcoin in the national strategic currency reserve. Powell's stance on Bitcoin is also clear: he sees Bitcoin as a competitor to gold!