As shown in the citation, Fed's expectations are generally accurate compared to daily expectations. But the speech was much more dovish than expected, that is, the neutral biased dovish situation in the quotation: ⭐ A thousand words are not as important as one sentence: Fed put is important - economic slowdown will relax policies ⭐ ️ In addition, just like the analysis of core commodity CPI in the past few days, the Federal Reserve now attaches great importance to core commodity inflation directly affected by tariffs (which is currently rebounding)