Today's two events, one is the release of non farm payroll data tonight. According to current market expectations, it should alleviate market pressure, but more importantly, at 23:25 Beijing time tonight, Federal Reserve Chairman Powell gave a speech on the economic outlook. This speech can be seen as the expectation of the Federal Reserve for the current economic form. Personally, Powell would never say anything about economic recession. Last time, he dumped the pot to Trump, saying that if inflation rises, it may be a problem of tariffs. This time, I estimate that there may be four contents: 1. The growth rate of the US economy has slowed down, the labor market is strong, but the overall economic level is stable. 2. Tariffs can lead to an increase in inflation, but the impact of a one-time tariff increase on inflation is limited. 3. The Federal Reserve does not believe that the economy will experience a recession, but if the retaliation caused by tariffs puts the economy at risk of a downturn, the Federal Reserve will take additional measures. 4. Do not evaluate the path of interest rate cuts. The above are all my personal estimates and do not necessarily mean that it will happen. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex