Powell is likely to continue taking a hawkish stance to counter Trump's pressure. If the Federal Reserve adopts a hawkish position, US stocks may see their first circuit breaker. What will happen? Will they follow US stocks in a violent pullback or will they trend independently? First, the probability of a rate cut is essentially zero, so there are no benefits to speak of. Next, we look at Powell's stance in his speech and the upcoming data issues to judge the trend of US stocks in May. The first piece of audience news is Powell's speech on the evening of the 8th. Considering the recent tense relationship between the White House and the Federal Reserve, Powell is likely to continue taking a hawkish stance to counter the market's view that the Federal Reserve is under pressure from Trump. The second aspect is the data. Powell, as the head of the Federal Reserve, is undoubtedly competent, and this is beyond doubt. The data in May will influence whether there will be a rate cut next time. Overall, this interest rate meeting will put pressure on US stocks to adopt a pullback strategy. If Mr. Powell takes a tough attitude, US stocks may experience their first circuit breaker. At that time, Bitcoin and other cryptocurrencies, especially our E-currency assets, will once again face a life-and-death challenge. We hope for a market recovery, but hope is ultimately an ideal. We must respect the market, see rationally, open positions reasonably, avoid traps, keep cash on hand, and return after a smooth period.