There really isn't much to say about the market these days; everything is within expectations, just oscillating between high and low positions.

Let me share my personal understanding of Powell's speech!

1. Interest Rate Outlook: High uncertainty; currently in a good position, waiting for clearer signals before considering adjusting policy stance.

Interpretation: No rate cuts for now.

2. Economic Outlook: The U.S. economy remains 'robust'; strong imports in the first quarter have caused some drag, and GDP growth may slow compared to last year.

Interpretation: No rate cuts for now, but economic growth is slowing.

3. Inflation Outlook: The impact of tariffs may be more persistent, expected to push up inflation; March PCE year-on-year is expected to be 2.3%, core PCE at 2.6%.

Interpretation: Tariffs have disrupted the Fed's plans, no rate cuts for now.

4. Labor Market: Overall remains balanced; reduced funding for research is expected to have a significant impact on employment; unemployment rate is expected to rise.

Interpretation: An increase in the unemployment rate is within my expectations, but the economy is stable, still not considering rate cuts.

5. Tariff Impact: The current level of tariff increases has far exceeded expectations; policies are still being adjusted, and the impacts remain highly uncertain.

Interpretation: Trump's tariffs have scared me, so I can't figure out what will happen next, temporarily watching and not cutting rates.

6. Cryptocurrency: Gradually becoming mainstream, a legal framework for stablecoins needs to be established; bank regulation is expected to see 'some relaxation'.

Interpretation: If cryptocurrency takes off in the future, don't forget that I supported it.

7. Independence: The Fed's independence is granted by law; the Fed will not be influenced by political pressure.

Interpretation: Trump, don't think you can pressure me with power, you can't control me, my authority is given by law.

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.

Interpretation: Leave a backdoor, don't say I, the Fed, am unyielding.

To summarize in plain language: We, the Fed, have our own rate cut plans; if it weren't for your unreliability causing this situation, the inflation target would have been achieved. We were originally prepared to continue cutting rates this year, but you, Trump, ruined it. If you want to blame someone, blame the unreliability, don't come to me; I won't take the blame! As for cryptocurrency, since it can't be stopped, let's show some support on the surface, and it'll be easier to compete for regulatory authority in the future!