Powell's main message last night was: Don't blame me, blame Trump! High interest rates combined with stagflation expectations have led to short-term market setbacks.
Moreover, the current tariff policy will drive up inflation and suppress economic growth, potentially triggering stagflation. In this highly uncertain environment, the Federal Reserve will maintain high interest rates and will not consider cutting rates for now, even if the market declines, they will not intervene to rescue the market.
However, in the long run, the gradual clarification of the regulatory framework and the trend toward the mainstreaming of cryptocurrencies may bring new growth momentum to the market.