Trump did not announce the candidate for the new chairman at the same time as Powell's press conference. Looking at last night's meeting and Powell's press conference, the biggest impression was that he was short and did not comment. 1. The voting result was 10-2, with the two presidents, Walle and Milan, in favor of a 25 basis point interest rate cut. The amendment in the interest rate resolution statement was quite small; 2. Statement at the press conference 1) Employment: The unemployment rate has shown some signs of stabilization, and the labor market may be stabilizing after gradually weakening 2) Inflation: Long term inflation expectations are in line with targets, victory over inflation should not be announced too early 3) Tariffs: Inflation caused by tariffs is expected to subside by mid-2026 4) Interest rate cut: There is no predetermined path for monetary policy, and decisions will be made in successive meetings. (Implied meaning: Stop using dot charts and implied probabilities to force me to make a statement.) 5) Raising interest rates: not anyone's benchmark expectation 3. Refuse to comment on political issues, do not state whether the chairman will continue to serve as a director after the end of his term, and do not comment on any issues related to the US dollar. Not responding to any questions about the independence of the Federal Reserve. All kinds of non commenting and non responding. On the one hand, it no longer creates more heat on sensitive issues. On the other hand, one can also see his cautious attitude. This attitude also extends to the view on policies, not providing policy paths or new expectations for the market. There are no special eagles, and we will no longer continue to release pigeons. This is Powell's best choice at the moment. Seeing the statement, it is expected that Powell will be very eagle, but I actually don't quite understand Powell's personality background. From the perspective of overall policy pace, the three meetings before the end of Chairman Powell's term discussed at the beginning of the year as a whole may or may not involve a rate cut. New gameplay on the US stock market, starting from Bitget: http://(bitget. com)/markets/stocks