Mr. Bao finally softened in his farewell speech at the end of his last term. In fact, as a long-termist, he doesn't care what is said to him because the most he can influence is the short to medium-term market. Many of those watching his speech are contract options traders who bet on highs and lows; today, many KOLs will showcase their long positions. What surprised me the most is that Mr. Bao's speech was not a reassurance for a rate cut in September, but rather a modification of the Federal Reserve's execution guidelines from an institutional perspective. Many retail investors probably didn't understand; he mentioned in his speech that there will be changes to the Federal Reserve's policy framework, to be completed by the end of summer, and hinted that a 2% inflation rate might affect the 'flexible inflation targeting regime.' This means that starting in Q4, the Federal Reserve will abandon its longstanding pursuit of a 2% inflation rate and instead replace it with a more flexible inflation metric — this not only implies a rate cut in September but also means that subsequently, the U.S. printing press will start printing money continuously! #杰克逊霍尔会议