Wow, Powell is really tough! Now even a rate cut in September seems a bit difficult, and Powell also mocked Trump, saying that the beautiful tax law is of no use... Here are the key points from Powell's speech:

Powell: It's still too early to judge the impact of tariffs on inflation.

The impact of tariffs on consumer prices is beginning to show.

The upcoming inflation data is expected to reflect more of the impact of tariffs.

The process of tariffs affecting prices may be slower than previously expected.

It can be said that the Federal Reserve will look at (tariff) inflation through 'not raising interest rates'.

Does not believe that the fiscal policy related to the 'beautiful tax law' has any special stimulating effects.

We do not consider the cost of changes in government (debt) interest rates.