ChainCatcher message, according to a report from CITIC Securities, Powell's speech at the Jackson Hole central bank summit aligns with our previous expectations, emphasizing the downside risks in the labor market and continuing the perspective from the July interest rate meeting that 'tariff inflation is a one-time event,' paving the way for a rate cut in September.

We maintain our previous view that the Federal Reserve will consecutively cut rates three times this year, each by 25 basis points. Regarding adjustments to the monetary policy framework, the Federal Reserve has abandoned the average inflation targeting and returned to a flexible inflation targeting, while modifying the wording to emphasize attention to 'two-way' labor market risks. (Jin Shi)