In summary, from the price changes in the risk market, everyone already knows what the outcome is. Indeed, Powell has shown a neutral to hawkish stance both in his individual statements and during interviews, which is almost the same as his previous remarks.

He denied that the Federal Reserve would rush to cut interest rates and does not believe there is a need to continue adjusting the balance sheet reduction at this time, mainly because he thinks tariffs will significantly impact inflation and will have a long-lasting effect on it. Regarding the economic aspect, Powell did not provide much information, only confirming that there is indeed a risk of economic downturn but did not believe there is a risk of recession, stating that the current labor market is very strong.

However, considering the uncertainty of tariffs, he believes the economy may experience significant fluctuations, but only when it happens will the Federal Reserve know and take action.

In the cryptocurrency sector, Powell believes that stablecoins are very important and that the U.S. urgently needs legislation on them. He called for Congress to quickly draft a set of bills. Although he did not explicitly state it, according to Powell's previous views, this aligns with the White House's stance, both believing that stablecoins will be an extension of the dollar's hegemony.

Focusing on stablecoins means focusing on the continuation of the dollar. These two statements could help improve the cryptocurrency market. Currently, U.S. stocks are still experiencing significant declines, and after Powell's speech, the CME's expectations for no interest rate cuts in June rose to 31.7%.

Of course, the key will still be the GDP data at the end of the month.

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