#美联储回购协议计划 The Fed Chair's recent remarks have sparked renewed market speculation—Powell's recent statements are indeed worth digging into.

First, on the economic front. The US economy remains resilient, with the labor market staying strong, unemployment rates at low levels, and labor force participation steadily climbing. But that doesn't mean there are no issues—core inflation data is still there, remaining above the Fed's long-term target. In other words, inflation hasn't been truly brought under control yet, and that's the key point.

Powell issued a stern warning: The Federal Reserve's policy decisions are data-driven, and as long as inflation isn't showing clear signs of stabilization downward, they won't rush to ease policy. What does this mean? It suggests that those hoping for rate cuts may need to wait a bit longer. The market is expecting rate cuts, but from his tone, this isn't a "done deal."

Regarding rate cuts, his attitude is very clear—cautious. Although some short-term economic indicators are not performing well, the overall inflation and employment strength remain evident. Rate cuts are not an "absolutely necessary" option; they require more data support. The Fed will be patient, closely monitoring economic data and financial conditions to prevent premature policy loosening from triggering new problems.

He also touched on the global economy. Under the multiple pressures of slowing global growth, ongoing supply chain disruptions, and shrinking bank credit, the Fed needs to balance inflation control with economic stability. It's not simply about "controlling inflation" or "preserving growth"—both need to be managed firmly.

In summary: The current policy approach of the Fed is cautious and prudent. Inflation indicators and employment data will serve as dual benchmarks for future actions, and short-term market sentiment fluctuations won't change the policy direction. This stance will have a profound impact on $BTC, risk asset valuations, and overall asset allocation. Every upcoming economic data release could become a market turning point, so traders should continue to monitor the Fed's moves.