Powell's speech conveyed several key signals this time: First, he clearly stated that the Fed will not easily intervene to rescue the market, which serves as a cooling measure for market sentiment sustained by monetary easing; Second, he specifically mentioned that changes in Trump's policies have brought significant uncertainty, indicating that political risk has been incorporated into the Fed's considerations; Third, he acknowledged that cryptocurrencies are gradually becoming mainstream and also mentioned that regulatory oversight of stablecoins is expected to be relaxed. This implies that the logic of traditional finance is changing, and in the future, we ordinary people may need to pay more attention to the diversity of asset allocation, especially in terms of understanding and preparing for emerging assets.