The market still believes that there is more than an 80% chance of a rate cut in September. Interestingly, regardless of economic data or whether it exceeds expectations, everyone thinks that the likelihood of a rate cut in September is very high. However, we all know that ultimately it depends on Powell's stance. If the market's expectations differ from Powell's thoughts, according to King's experience, the market has never won an opportunity. So everyone should pay attention to the global central bank annual meeting on Thursday, as this could be the most important formal announcement by Powell before the interest rate decision in mid-September. At that time, whether there is any release of information or a softening of stance will be crucial.