Powell conveyed a 'dovish retreat under a hawkish tone' through his congressional testimony—while reaffirming the primary task of combating inflation, he left room for interest rate cuts in case of unexpected economic deterioration.

The core contradiction of current policy lies in balancing the inflation uncertainty caused by tariffs and the structural pressure in the labor market. If data in the next 1-2 months confirms that inflation is controllable (especially if tariff transmission is weaker than expected), starting interest rate cuts in September remains a highly probable path. #鲍威尔半年度货币政策证词 $BTC