Powell's actions this time are really tough! Now, don't even mention a rate cut in September; the possibility has become a bit uncertain. More importantly, he also indirectly criticized Trump, stating that the so-called 'Big Beautiful Tax Law' has no practical effect.

Here are the key points from Powell's speech:

At present, it is too early to determine the specific impact of tariffs on inflation. The impact of tariffs on consumer prices has already begun to gradually emerge. It is expected that subsequent inflation data will reflect more of the effects brought about by tariffs. The process of tariffs being transmitted to prices may be slower than previously anticipated. It can be said that the Federal Reserve will downplay the (inflation issue caused by) tariffs through the method of 'not raising interest rates.' It does not believe that the fiscal policies related to the 'Big Beautiful Tax Law' have any special stimulative effect. We will not consider the cost issues arising from changes in government (debt) interest rates. #美国加征关税 #关税 #鲍威尔