After reviewing Powell's speech last Friday, we can see more clearly his concerns about a potential downturn in the U.S. economy. The market's initial optimism regarding interest rate cuts has gradually been replaced by worries about a possible economic recession.

This emotional shift is reflected in the drop in Bitcoin prices today, which can be seen as a chain reaction to Friday's speech. The pre-market performance of U.S. stocks is similarly bleak, confirming the expectations of intense competition between bulls and bears ahead of the Jackson Hole annual meeting.

Nevertheless, I believe that the core economic policy game in the United States has not fundamentally changed. The Trump administration clearly does not want to see an economic recession, especially one triggered by high interest rates. Therefore, Trump may continue to suppress concerns about inflation and instead urge the Federal Reserve to cut interest rates.

Currently, the main focus of the market is still on this game. I believe Trump still has unused policy tools at his disposal. For him, as long as he can achieve large-scale interest rate cuts, many economic issues can be temporarily alleviated or postponed.

However, we also need to recognize that excessive reliance on interest rate cuts may only be delaying the problem rather than solving it. In the long run, balancing economic growth, employment, and inflation remains a complex challenge that requires more comprehensive and sustainable policy measures.