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"💣"Powell's testimony shocked the market! Interest rate cut expectations are high, where is the global economy heading?"💣"

🔥🔥🔥【Quick overview of Powell's congressional testimony】🔥🔥🔥

🌟Inflation target:

We have adhered to the 2% inflation rate target, made significant progress, and are waiting for data to strengthen our confidence.

💼Labor market:

Balance is restored, unemployment is operating at low levels, and a prompt response to unexpected weakness is promised.

📈Overview of the economic situation:

GDP growth slowed down in the first half of the year, but the steady economic growth remained unchanged.

🔑Interest rate policy guidance:

Raising interest rates is not an option in the near future, and policy adjustments need to be cautious to avoid premature and drastic relaxation that will affect the results.

🔮Decoding of market expectations:

The probability of an interest rate cut in September is over 70%, and there may be two 25 basis point interest rate cuts during the year.

🌐Additional topic highlights:

The final Basel III decision is under heated discussion; commercial real estate risks for banks have emerged; the independence of the Federal Reserve has reiterated its importance.

📈Market pulse:

Gold and silver fluctuated lower, while U.S. bond yields climbed;

Non-US currencies generally fell, and the yield curve steepened;

The U.S. dollar strengthened, and risk assets rose first and then fell.

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