CICC analysis pointed out that Fed Chairman Powell's speech at the Jackson Hole meeting was seen by the market as a dovish signal for monetary easing. However, Powell's remarks did not provide a strong indication of the persistence and magnitude of interest rate cuts, and cannot serve as an effective guarantee for the number and extent of rate cuts within the year. Even if the Fed cuts rates by 25 basis points in September, it does not mean that this will be the starting point for a series of monetary easing.