#鲍威尔发言 Powell's speech on the impact of the interest rate cut path hinges on two key points:

1. **Hawkish-Dovish Signals**: If he emphasizes stubborn inflation or an overheating economy, it will send a **delayed rate cut** signal, suppressing risk assets (including cryptocurrencies);

2. **Expectation Management**: Hinting at a "higher for longer" interest rate stance may **strengthen the dollar**, weakening the appeal of alternative assets like Bitcoin;

3. **Economic Assessment**: If concerns about recession risks intensify, it may bring forward the expectations for a rate cut, **stimulating a rebound in the crypto market**.

**Caution**: The market is prone to overinterpret a single speech, and comprehensive judgment should consider subsequent economic data.