The key points from Powell's speech last night can be summarized in three points:

1. **Interest rate cuts were originally under consideration, but due to uncertainties in tariff policy, we are currently holding steady.** If there were no new tariff risks, the Federal Reserve could have initiated rate cuts.

2. **Cautious attitude towards a rate cut in July, but open stance for September.** Still observing in the short term, but subsequent actions may accelerate.

3. The U.S. economy demonstrates strong resilience, especially in the robust labor market, and there is currently no urgent need to stimulate labor demand through rate cuts. #美联储何时降息？