#鲍威尔发言 - “Stagflation” Risk: Typically, during economic downturns, inflation is low and unemployment is high, and interest rate cuts can address this. However, currently, due to shocks from trade policy, there may be a situation where both unemployment and inflation rise simultaneously, and the Federal Reserve's tools can only address one of these issues at a time, putting the central bank in a difficult position.

- “Federal Reserve Put Option”: Investors should not believe in the “Federal Reserve Put Option”. The market is dealing with uncertainties brought about by trade policies, and while there is volatility, the market is orderly and is playing its necessary role.