Powell's hawkish remarks in the early morning led to a cooling of market expectations for interest rate cuts, resulting in a decline in U.S. stocks, while the dollar and U.S. Treasury yields rose. The market currently interprets his speech as 'the Fed will not bail out the market,' indicating that there is no possibility of rate cuts in the short term. He initially talked about the old Trump policies being inconsistent, causing market anxiety, and then turned around to pour cold water on investors—don't expect the Fed to provide support if the stock market falls, our policies are independent and won't be influenced! What's even harsher is that he directly shut down rate cut expectations: there will be no easing in the short term, the balance sheet reduction will continue, liquidity is tight, and the implication is clear: don't expect us to catch you, the market has to bear it itself.

Today's operational suggestion: if the upper pressure level of 855 is not broken, it can be shorted, and pay attention to the support level of 83000 below.