Powell's modus operandi resembles that of a helmsman who deeply understands the rhythms of the tides, calibrating his course solely based on the fluctuations of the waves, unaffected by the clamor at the shore. His metaphor, "When hungry, one will naturally eat," reveals the essence of monetary policy — the calibration of policies should stem from the genuine needs of the economic body, rather than reactive responses to external pressures.

This week's speech may continue this philosophy of "using stillness to drive action." The sensitive gauge of interest rates is unlikely to appear in his wording. Even if non-farm data occasionally falters, he will still adhere to the art of "waiting" — just as a gardener knows that watering too early can dilute the nutrients in the soil, patiently observing is a respect for the laws of growth. As the helmsman of the Federal Reserve, this steadiness, unperturbed by disturbances, is itself a professional quality worthy of respect.

From the perspective of the delicate balance between politics and markets, the topic of interest rates is destined to be a "taboo" in this speech. He is more likely to focus on the fabric of inflation, the texture of economic resilience, and the echoes of tariff turbulence — these are the foundational elements that constitute the economic ecology.

If one must seek signs of loosening in his words, such as a hint of dovish warmth regarding a rate cut in September, the narrative of a bull market in the cryptocurrency space may receive new annotations. But experience tells me that this helmsman is more adept at guarding the coherence of policy with silence, much like an old craftsman treats his compass, not easily letting the needle sway due to air currents.

Market differentiation may follow. If the interest rate anchor remains unchanged in September, the adjustment window in October will likely close quietly until a cautious loosening may arrive in December. This rhythm may cast a thin veil of uncertainty over the cryptocurrency space, but it may not necessarily usher in the chilling winds of a bear market.

Just like the morning fog during seasonal transitions, though it obscures the road ahead, it cannot prevent the sunlight from penetrating the clouds — the market will ultimately wait for clarity of direction in the consolidation phase, which represents a tacit symbiotic philosophy between the macro cycle and the crypto market.

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The bull market waits for no one, learning and applying it too late! Relying on oneself to explore can easily lead to pitfalls, it's better to follow the right people!