Hahaha, Powell's script was actually stolen by Yellen—

U.S. Treasury Secretary Yellen rarely gives Powell direction, suggesting a 50 basis point rate cut in September, with a total reduction of 150 to 175 basis points thereafter.

She also unusually criticized the Bank of Japan for being "too slow" in its actions and suggested that it should raise interest rates.

A Treasury Secretary, who should ideally keep a distance from monetary policy, is now directly speaking out. I saw an analysis that suggested his thinking might be like this—

If we follow Trump's idea of significantly cutting rates, capital will also significantly withdraw from U.S. stocks, creating a negative impact.

So it’s better for the U.S. to gradually cut rates while Japan raises rates, continuing to push for a depreciation of the dollar. This way, the international profits of leading companies, when measured in dollars, can still increase. Leading tech companies can continue to tell a good AI story, ultimately supporting U.S. stocks.

As long as we can keep U.S. stocks afloat until the midterm elections or before the next election, that would be a great achievement!

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