Summary of Federal Reserve Chair Powell's Speech in the Early Morning

1. Federal Funds Rate • Kept unchanged at 4.25%–4.5%.

2. Economic Conditions • The economy remains robust, with low unemployment and employment close to maximum.

3. Inflation Situation • Inflation has decreased but remains slightly above the target of 2%.

4. Market Confidence • Consumer and business confidence has declined, mainly due to tariffs and uncertainty.

5. Potential Risks • If high tariffs persist, it may trigger rising inflation, slowing economic growth, and increased unemployment. The Federal Reserve will continue to flexibly adjust policies based on data and risk balance.

Overall, Powell's remarks are dovish, with little impact on the overall market, and fluctuations are expected to be small, with high short positions remaining stable.