Powell's stance remains uncertain, and Wall Street traders have all become 'linguists'.

With the interest rate meeting in September approaching, Powell takes the stage again, and the investment community immediately transforms into the "mind-reading association." Some focus on every pause he makes, some analyze the curvature of his gaze, and others even wonder—does this guy's two coughs suggest that the economy is cooling down?

Speaking of the "rhetoric" of the Federal Reserve Chairman, it can truly be called magic in the financial world. A word leaning towards "easing" and the stock market immediately dances; a phrase with a hint of "hawkish"...
"Meaning", the bond market instantly turned into an ice cellar. But the problem is--this time, Powell's stance is like a half-cooked steak, with a bit of a bloody taste and a hint of cooked aroma, making it hard to swallow.

The market has split into two factions: the doves say, "Inflation is already coming down, and if the Fed tightens further, it will crush the economy"; the hawks retort, "CPI is still sticky, and easing too early would just prolong inflation." Meanwhile, traders are thinking very simply: regardless of whether it's a hawk or a dove, as long as I can predict it in advance, I can make money while others are still tangled in indecision.

In simple terms, the statements made before September resemble Powell's "code game". He needs to soothe market sentiment while not allowing people to feel that the Federal Reserve is hesitant; he must present a tough stance without scaring the stock market. So what was the result? Investors are left to play a game of Tai Chi, verbally calling for "stability" while secretly opening positions.

I actually think that this time we shouldn't be fixated on whether he is a "hawk or a dove", because Powell is more like a "chameleon". The real key is not what he says, but rather that he makes you think you understood.

Everyone stop studying his few seconds of pauses and blinks. Next time Powell speaks, I suggest preparing a "simultaneous interpretation version of motivational quotes" for Wall Street. Otherwise, the final winner of the hawk-dove battle will only be the joke teller. #加密市场反弹 #美联储7月会议纪要