Powell's speech tonight has caused a stir; the Fed may end the easing framework.

At 22:00 Beijing time tonight, Powell will speak at Jackson Hole for the last time as the chairman of the Fed. The market is reacting in advance: the dollar is strengthening, gold is falling, and the S&P 500 has declined for five consecutive days, marking its longest losing streak this year.

The policy framework will shift to

According to reports, Powell may abolish the 2020 easing framework:

- Old framework: Allow inflation to temporarily exceed 2%, without worrying about overheating in employment;
- New Direction: Returning to Tradition, Strengthening Focus on Inflation, No Longer Indulging Employment Expansion.

Medium-term impact

The Fed's policy will become more hawkish, with future interest rate cuts potentially slower than expected, and will be a "passive" and "cautious" adjustment, rather than a continuous easing like in 2019. #加密市场反弹#