Let's talk about Powell's press conference in the early morning. One could say Powell is playing Tai Chi, but it can't be said that he is hawkish. Two points: 1. His previous strong and hawkish statements and tone were definitely not the indecisive state we saw this morning; they were very resolute. 2. The arrangement for Waller and Bowman, the two board members who voted against the interest rate decision (supporting a rate cut), to speak in the past couple of days suggests that if he were to be hawkish, he should have arranged for the hawkish members to speak first to reinforce his neutral stance at the press conference, and then let the dovish members take the stage to guide market expectations without causing a major shock. However, he specifically mentioned at the press conference that the two dissenting voters are expected to explain their opinions in the next day or two. The Federal Reserve has its independence and decision-making mechanisms, as well as thresholds related to the implementation of monetary policy. As the chair, he cannot publicly align with the wishes of the executive branch; this is a matter of professional ethics (and the reasons for not cutting rates now can also be justified). However, the president's opinions and inflation data (which are still moderate) will still influence his judgment. Therefore, he adopts a compromise approach, pushing the two dovish members to the forefront to speak, and if the data later supports a return to rate cuts, he is likely to go along with it.