After reviewing the key points of Powell's speech, it basically boils down to three things:

1. If it weren't for the new tariff policy, the Federal Reserve would have already cut interest rates; the current lack of rate cuts is due to the uncertainty of the tariff policy.

2. Maintaining a very cautious attitude towards a rate cut in July, but much more open to a rate cut in September.

3. The U.S. economy is resilient enough; the job market is very stable, and there is no need to cut rates to alleviate issues in the labor market.