Powell made hawkish remarks in the early morning, causing market turmoil!

U.S. stocks fell, and the dollar and U.S. Treasury yields rose. The market interpreted his speech as "the Fed will not rescue the market," leading to a sharp decline in rate cut expectations, with little chance of a rate cut in the short term.

Old Powell first criticized the inconsistency of Old Trump's policies leading to market instability, then poured cold water on investors by emphasizing the Fed's policy independence, stating that it would not ease monetary policy just because of a stock market decline.

He also clearly shut down rate cut expectations, insisting on continuing to reduce the balance sheet and maintaining tight liquidity. The underlying message is that market risks are borne by the investors, so do not expect the Fed to provide a safety net.