Last night, Chairman Powell's message was very clear: the inflation situation is not good, and the Federal Reserve cannot take any action right now. Don't even talk about lowering interest rates in May, and don't rush to discuss 'when to cut rates'; don't even think about it. I would sum up his recent style in one sentence — neither hawkish nor dovish, firmly standing in the middle, doing nothing.

Chairman Powell is actually a 'master of expectations management.' Seeing that recent inflation expectations have risen again due to tariff increases, his professional standards do not allow him to play dumb. Also, don't forget an important context: he is actually quite unhappy about Trump's style of casually intervening in the Federal Reserve and casually increasing tariffs. Right now, he is not just guarding the policy line; he is also defending his position in history. After all, in this job, everyone wants to leave behind some evaluation of 'how steady I was back then.'