#鲍威尔发言

Powell's speech points:

1. Interest rates are in a good position, waiting for clearer signals before considering adjustments to policy stance. (Bearish)

2. Economic outlook: The U.S. economy remains robust. (Bearish)

3. Inflation outlook: The impact of tariffs may be more persistent, expected to push up inflation; March PCE annual rate is expected to be 2.3%, core PCE at 2.6%. (Bearish)

4. Labor market: Overall remains balanced; unemployment rate is expected to rise. (Minimal impact)

5. Tariff impact: The extent of tariff increases so far has far exceeded expectations; policies are still being adjusted, and the impact remains highly uncertain. (Nonsense)

6. Cryptocurrency: Gradually becoming mainstream, a legal framework for stablecoins needs to be established; bank regulation is expected to see "some easing." (Continued bullish)

7. The independence of the Federal Reserve is granted by law; the Fed will not be influenced by political pressure. (Bearish)

8. Don’t expect the Fed to step in to save the market; if there is a dollar shortage, the Fed is prepared to provide liquidity to global central banks. (Bearish)

Summary: If Powell hadn't mentioned that cryptocurrency could break 8 last night, U.S. stocks would likely be in the 840-850 range today with no strong news, at most up or down another 500 points.