Haven't looked at the market's reaction yet; just finished listening to Powell's speech, sharing some subjective feelings and objective information:

1. This round of interest rate cuts has ended; the next step will be to take a break, similar to the three rounds of cuts at the end of 2024.

2. The entire interest rate cut cycle is not over; at least no one is thinking about raising rates.

3. If looking at non-farm payrolls, the real data is roughly -20,000 each month; non-farm payrolls, due to statistical and modeling reasons, do not truly reflect reality.

4. Buying short-term bonds to ensure sufficient liquidity, thereby maintaining interest rates.

The above is objective information.

Subjective feeling: Not too hawkish, somewhat less hawkish than I expected. Mainly, the decision to start purchasing short-term bonds is considered a relatively dovish action. It also basically confirms that the likelihood of further rate cuts during his term is actually quite low.