The non farm payroll data released by Hong Kong Bank for February showed that the addition of non farm items exceeded expectations, indicating strong economic resilience. An increase in unemployment rate is conducive to raising expectations of interest rate cuts, and a lower than expected year-on-year wage growth means weaker wage growth, which helps to weaken inflation in the service industry. In normal times, it is considered good news, but now that the trade war is raging, it is not so important. Tonight's speech by Powell suggests that the market should pay more attention to his stance on the latest tariffs imposed by the Trump administration 1) If Powell insists that inflation is' temporary ', the possibility of interest rate cuts will greatly increase; 2) On the contrary, if Powell believes that the impact of tariffs is long-term and inflationary pressures persist, the Federal Reserve may maintain interest rates unchanged, which will bring greater uncertainty to the market.