Market expectations for a rate cut in September still account for over 80%. Interestingly, regardless of how economic data fluctuates, everyone seems convinced about this. But ultimately, it depends on Powell's attitude — based on past experience, whenever the market expectations are contrary to his views, the market is the one that suffers. So the global central bank annual meeting on Thursday needs to be closely monitored, as this is an important opportunity for him to speak before the September rate decision. Whether he will send signals or show a relaxed attitude is crucial.