The Federal Reserve has "secretly" purchased $43.6 billion in U.S. Treasury bonds since late May, essentially starting to expand its balance sheet. But has the Federal Reserve publicly stated that it wants to expand its balance sheet? No! I advise many so-called mainstream elite economists and analysts at major banks: if you don't change your macro analysis framework soon, you will lead your institution into a pit. Why hasn't the Federal Reserve told you it's buying secretly? On one hand, it wants to maintain a facade of stability, adjusting data slightly. Clearly, the data looks so good, so why would it need to engage in quantitative easing and expand its balance sheet? The general consensus in the market is that it should only resort to quantitative easing when the economy is in dire straits, right? On the other hand, it wants to suppress inflation expectations. Of course, during Powell's last speech, he already surrendered; Powell said that future inflation volatility will increase and that he will not pursue an average 2% inflation target as a policy goal. Such an artistic way of speaking, what a subtle way to describe the increase in inflation as "inflation volatility"; it’s quite vague, clearly indicating an increase in inflation. Hahaha, with Powell expressing it this way, you really can't find fault with it. So, still asking what’s on the back of this card? What is the state of the economy? What is the situation with Treasury bonds? I assume the underwear is already showing. Today, I won't draw conclusions. If my long-term followers still can't understand what this means for gold, Bitcoin, the U.S. dollar, U.S. stocks, and U.S. bonds, it's time to go back and study diligently.