It is said that Powell is quite tough, directly stating that we shouldn't expect them to step in to save the market! He even emphasized that the Federal Reserve will not be led by political pressure. Doesn’t this sound like an open challenge to Trump? Trump must be furious; I think he should really fire Powell and bring in someone more compliant. What good is it to keep someone like this? Just causing chaos! As soon as Powell opens his mouth, the market goes weak. Why? As mentioned before, the core of the market's sharp decline is the strong uncertainty in policy, compounded by expectations constantly being disappointed. The tariff issue has left people on edge, and at such times, we can only rely on tariff policies to solve the problems ourselves; the Federal Reserve’s interference is useless. As for what the Federal Reserve will do next, we have to wait to see the situation after the tariffs are implemented in early April. What about inflation? How is the economy doing? Didn’t Federal Reserve Governor Waller say that if the tariffs are only 10%, and there’s no significant reaction in inflation, while the economy slows down a bit, then rate cuts could be on the table? But if there’s a major shock, Powell could play the role of the white knight, not only cutting rates but also possibly unleashing big moves, like buying assets to expand the balance sheet. As for reducing the balance sheet, it will definitely stop by the end of the second quarter or at the latest the third quarter. Their usual tactic is to keep the market suppressed and not let you get too excited too early. If they start calling for rate cuts now, there won’t be any surprises when the actual cuts happen. So Powell's firmness this time around actually makes the previous speculation that rate cuts might still be possible in May or June more plausible. It's just a deliberate way to assert the Federal Reserve's authority.