Wow, Powell is really tough! Now it seems a bit difficult to lower interest rates in September, and Powell even mocked Trump, saying the big beautiful tax law is useless... Here are the key points from Powell's speech:

Powell: It's still too early to judge the impact of tariffs on inflation.

The impact of tariffs on consumer prices is starting to show.

The upcoming (inflation) data is expected to reflect more of the tariff effects.

The process of tariffs being passed through to prices may be slower than previously anticipated.

It can be said that the Federal Reserve will take a dovish view on (tariff) inflation by not raising interest rates.

Does not believe that the fiscal policies related to the "big beautiful tax law" have any special stimulative effects.

We do not consider the cost of changes in government (debt) interest rates.