Powell said the U.S. economy is performing well, and the vast majority of Federal Reserve members expect interest rate cuts later this year. It is still too early to say whether considering a rate cut in July is premature. However, if the data is good, a rate cut at any meeting should not be ruled out. In translation, this means either a rate cut in July or in September. The emphasis is on suggesting that July is also a possibility, but from the current perspective, the likelihood of a rate cut in July is not very high, more like Powell's typical expectation management.