The hawkish faction represented by Powell has essentially surrendered; now the question is whether to cut rates by 25bp or 50bp next month, and whether to do it once or twice this year.

Once rate cuts begin, the market will expect: will there be an acceleration of rate cuts? Because this is what Trump wants, and he will work towards the goal of 'accelerated rate cuts'; 25bp or 50bp won't solve the fundamental problem.

Regardless of whether 'accelerated rate cuts' are right or wrong, this world is always driven forward by the interests of the top group of people; right and wrong are not important.