Let's interpret the latest statements from the Federal Reserve. Overall, Powell's speech and management were quite good. The Federal Reserve kept interest rates unchanged, which was in line with expectations. The change that caught the market's attention was that Powell indicated there is no rush to cut interest rates, while removing the description of a worsening labor market and emphasizing that the U.S. economy is in good shape. One could say this was his best performance in a long time, and the effect of this statement is that it provided some support for long-term bonds. Since the first rate cut last September, long-term yields have actually risen significantly as the market perceived the Fed's stance as too dovish. Now that the Federal Reserve has become more balanced, this is also good news for U.S. mortgage rates. It is worth mentioning that based on yesterday's price action, despite the Fed being slightly more hawkish than before, the dollar did not strengthen. Moreover, tariffs on Canada and Mexico are about to take effect, which should have been an opportunity for the dollar to strengthen, yet it did not, and the dollar fell against the yen. I find this price action very interesting, as it reaffirms the market's sentiment: Trump is not as hawkish on tariffs as he was before the election. This reflects the current market pricing; of course, if Trump adjusts his stance in the future, the market pricing will change accordingly. In summary, Powell performed better than I expected last night, and the market's reaction confirmed this.