#杰克逊霍尔会议 Federal Reserve Chairman Powell will deliver a keynote speech at the Jackson Hole Symposium at 22:00 Beijing time on August 22. This speech has attracted much attention and may have a crucial impact on short-term and medium-term market expectations, as follows:

- Short-term impact: If Powell hints at a more conservative interest rate path than the market expects, it may lead to a correction in US stocks, as investors will reduce their holdings due to the difficulty in obtaining corporate financing exceeding expectations. If his position is more dovish than expected, hinting at a looser interest rate path, it will be beneficial to US stocks, providing impetus for corporate profit growth, but may trigger internal rotation in the stock market, and large technology stocks may fall out of favor. If the speech meets market expectations, confirming a rate cut in September and another rate cut before the end of the year, the market reaction may be flat, or the stock market may lack upward momentum due to "sell the news" behavior.

- Medium-term impact: This annual meeting also involves the Federal Reserve's once-in-five-year policy framework assessment. Powell may mention whether to adjust inflation targets, employment priorities, etc. If the Federal Reserve adjusts its policy framework, such as abolishing the "average inflation target system" and re-anchoring the single inflation target of 2%, it will reshape the logic of monetary policy for the next few years, which will have a profound impact on the medium-term trend of global financial markets, including the trend of US Treasury yields, the strength of the US dollar, and global capital flows.