Just now, Trump again called on Powell to cut interest rates, but Powell is firmly holding his ground, stating that if it weren't for the tariff issues, the U.S. inflation would have already shown a path back to 2%. The current decision not to cut interest rates is entirely due to tariffs.

My view remains that either the economy will face severe downward expectations, leading the Federal Reserve to need more than two rate cuts by 2025, or the economy will continue to be resilient, while the Federal Reserve maintains two or fewer rate cuts.

The first rate cut is likely to happen in the second half of the year; let's take a look at the dot plot in June, as there is just one month left. June 18 is the date of the new interest rate meeting and the dot plot.

For cryptocurrencies, today's decline is likely a reaction to the aftershocks of Moody's downgrade, which actually doesn't conflict much with cryptocurrencies. The previous two fluctuations were both 1%, and they only lasted a day or two. This time, the focus is on the performance of U.S. stocks on Monday.

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