Federal Reserve Chairman Powell's latest speech once again emphasized 'data dependence,' suggesting that the interest rate hike cycle is nearing its end, but the timing of rate cuts still depends on inflation and economic data. His remarks continue to convey a neutral to dovish stance, acknowledging the trend of slowing inflation while emphasizing that the 2% target has not yet been reached before discussing a policy shift. The market interprets this as: a potential first rate cut in September, but the path remains uncertain. Following the speech, both U.S. stocks and bonds rose, indicating a rebound in market risk appetite. It is important to be cautious as stronger-than-expected employment data or geopolitical tensions pushing up energy prices could delay the easing pace. In the short term, gold prices and risk assets may benefit from improved liquidity expectations.