I reviewed Powell's speech today and felt that there was no clear statement. Many journalists are concerned about whether the Fed's 50 basis point rate cut is due to the impact on the economy, but Powell did not give a clear answer. Of course, he emphasized that the current labor market is relatively stable, but rapid rate cuts may hinder inflation. In a sense, Powell does not seem to support further rate cuts. Of course, the key is to look at the upcoming data.

The focus today is on the "balance between the risks of repeated inflation and high unemployment." The faster-than-expected decline in inflation should be the main reason for the Fed to increase the intensity of rate cuts.

As for the future, it is normal for Powell to be evasive. He will definitely not disclose the pace of future rate cuts in advance. However, looking at the dot plot, there is still a high possibility of 25 basis point cuts in November and December.

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