#加密概念美股 Powell mentioned that this year's inflation expectations are higher than in September 2024, mainly due to pressure from tariffs. This indicates that inflation may have a certain stickiness. If future inflation data shows an unexpected rebound, or if the labor market performs too strongly, the Federal Reserve may still delay interest rate cuts, or even maintain rates in September, to ensure that the inflation path aligns with its long-term target of 2%. Even if rate cuts begin in September, the expectation for rate cuts in 2026 has been adjusted from 50 basis points to 25 basis points, suggesting that the Fed's pace of rate cuts will be moderate and cautious, rather than aggressively accommodative. They will gradually adjust based on economic data, avoiding premature easing that could lead to a rebound in inflation. It is inclined to believe that the Federal Reserve is very likely to start its first rate cut in September, but the subsequent path of rate cuts will be gradual and data-dependent.