Despite the lack of interest rate cuts, Powell's speech released key signals:
1. Dovish tendency: Acknowledging that the U.S. GDP shrank by 0.3% quarter-on-quarter in the first quarter and that the consumer confidence index is weak, suggesting that if inflation further eases, the probability of a rate cut in June will significantly increase;
2. Dollar liquidity expectations: The market expects that the U.S. Treasury may inject liquidity through short-term tools to alleviate the pressure of dollar liquidity tightening, providing support for risk assets;
3. Bitcoin resilience highlighted: After the announcement, the price of Bitcoin briefly retraced to around $95,000 but quickly rebounded above $98,400, with technical indicators showing that the daily line remains above the MA7 moving average, and the short-term support level of $94,500 was not breached.
