The main points of Old Bao's speech are as follows:

1⃣️ If it weren't for the new tariff policy, the Federal Reserve was already prepared to cut interest rates. The fact that rates have not been cut yet is precisely due to the uncertainty of the tariff policy.

2⃣️ There is a very cautious attitude towards a rate cut in July, but a more open stance towards a rate cut in September.

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