Tonight's speech by #鲍威尔 is likely to be a 'tightrope' act: emphasizing data dependence, balancing inflation and growth risks, it will neither clearly commit to a September rate cut to give the market a 'dovish' reason to celebrate, nor will it be so hawkish as to completely reverse the market's rate cut expectations. Its core purpose may be to retain maximum flexibility and options for #美联储 before the September meeting. For investors, this means buckling up and preparing for potential market volatility, while paying attention to any subtle clues in the speech regarding how the Federal Reserve assesses the economic outlook and policy framework. After tonight, the market's focus will quickly shift to the August employment and inflation data to be released in the coming weeks, which may indeed be the true 'weights' determining the outcome of the September meeting. $ETH