When people are about to retreat, their words are also soft. Powell said in his speech last night that the Federal Reserve tends to keep interest rates unchanged and temporarily ignore the energy shock caused by the Iran War; In fact, a change in the bond market that could have been observed last Friday was the start of betting on the situation in Iran and the potential economic recession caused by high oil prices. After Powell finished his speech yesterday, this change became even more apparent. In fact, Powell's speech is his attitude over the past few years, which is not to make predictions or forecasts until there is a significant change in the data, and to remain stagnant until there is a clear trend in the economic data indicators before making adjustments. As he warned last night, if the rise in prices changes the public's expectations of inflation over time, it may no longer be possible to stand idly by.