Federal Reserve Chairman Powell's speech at the Jackson Hole Global Central Bank Symposium released key signals.

Powell explicitly mentioned that although inflation risks have not been completely eliminated, the labor market has shown signs of slowing, making it necessary to adjust monetary policy accordingly. He reiterated that future policies will still strictly depend on economic data and will not be pre-set.

The market quickly interpreted this statement as a clear dovish signal, and a rate cut in September is now regarded as almost certain. Overall, the Fed's policy tone has shifted to dovish, which is favorable for risk assets in the short term.

However, how long this rally can last still completely depends on the key data to be released next—namely, inflation data and employment data. These three data points will jointly determine whether a smooth 25 basis points rate cut can occur in September or if new uncertainties will arise.

Personally, I feel: the inflation data for August performed moderately, the employment data at the beginning of September weakened, inflation remained stable in mid-September, and ultimately, on September 17, the Fed decided to cut rates by 25 basis points.

Once the rate cut is realized and easing expectations are fulfilled, the dollar is expected to weaken further, and cryptocurrencies will usher in a new round of increases. $BTC and $ETH may gradually rotate into high Beta coins like SOL after solidifying at high levels, and the altcoin season will officially kick off. #杰克逊霍尔会议