In fact, from Powell's perspective, one can empathize with his logic very well—— Powell's speech in front of reporters was very polite, and he may have greeted Trump's ancestors countless times in private. Before Trump took office, this path was originally very clear, and "keeping inflation at a neutral level of around 2%" was Powell's consistent policy goal over the past three years. As a result, after coming to power, Dong Wang's chaotic attacks directly disrupted the pace of the Federal Reserve. It can be certain that Powell, a talented person, is definitely not willing to pay for the arrogance of the King. Because the King has done this before—— If the economy is not good, blame the Federal Reserve, and if inflation is high, blame the Federal Reserve as well. If there is a rate cut at this time, it is very likely that Wang will immediately blame the Federal Reserve for not controlling inflation properly and causing currency to flood. So yesterday when asked by reporters, 'If the US stock market crashes, can the Federal Reserve save it?' Powell firmly replied, 'No! I don't want to clean up the mess.'. The current market divergence can be seen as a disagreement between Trump and the Federal Reserve over the underlying logic of their treatment of US dollar assets—— Trump: If interest rates are allowed to remain high, the cost of interest payments for the public sector will also remain high, and the risk of debt default will eventually erupt, making financial crises inevitable. Federal Reserve: If the US economy experiences a recession and rapid interest rate cuts, funds may not be willing to wait for even a minute, and US dollar assets will be immediately sold off, causing funds to quickly flee and triggering a financial crisis faster. So in such a confrontational situation, the expectation of multiple and rapid interest rate cuts by the Federal Reserve this year is bound to be significantly lower than before. Not unwilling, but unable and afraid. This is currently the last tool left in the United States, who dares to take the blame? Mr. Bao just wants to hold on until the end of his term next year. After resigning, he can arrange whoever he likes and blame whoever he likes!