Powell started the day with a bang. His first sentence was that the time for policy adjustment has come. The overall speech was positive. Anyone who reads it often can see it. There is not much to say. The market mentioned a very interesting question today, which corresponds to opening the door to interest rate cuts, that is, {Powell intends to take action to avoid further weakness in the US labor market}, which is roughly what the mind map means. The 4H chart of the big pie needs a small-level EMA to cross the Vegas channel to start a healthy rise. In addition, other Fed officials spoke in the past two days and expounded a point of view that more data should be observed before the September interest rate cut. I also picked up the data before the September interest rate decision on Jinshi and you can see it for yourself. Although Powell's speech today gave the market great confidence, there is a question that cannot be determined now, that is, whether the interest rate cut in September is 25 or 50. Therefore, the purpose of observing the data before the September interest rate decision is whether the data release supports a 50 or 25 interest rate cut in September. If Powell's speech today gives the market information about a 50 interest rate cut, but the data supports a 25 interest rate cut, it can be regarded as a basin of cold water. That's about it. #杰克逊霍尔年会 #鲍威尔说了什么 $BTC