Since the tariff dispute began in April this year, the price movement of risk assets has been quite volatile. Initially, the U.S. stock market and the Crypto Assets market experienced significant falls due to investors' panic. However, the market quickly halted its decline, began to rebound, and even reached new highs, which was unexpected.

Subsequently, the United States began to release positive signals. First, it reached new trade agreements with multiple countries, and then introduced relevant legislation aimed at strategically reserving Crypto Assets. The relationship between the Federal Reserve and the Trump administration also underwent subtle changes. Last week, Powell's speech was interpreted by the market as a clear signal for a rate cut in September.

At the same time, Trump has been emphasizing the effectiveness of the tariff policy, claiming it has generated huge profits for the United States. He has also been continuously pressuring the Federal Reserve, attempting to take control of the economic situation. On the surface, the U.S. economy does not seem to be affected by the tariffs, and various indicators remain strong. The Federal Reserve's previous wait-and-see attitude was actually based on professional judgment, believing that the effects of tariffs would take time to manifest.

However, the recent weak employment data may have changed the situation. Whether out of economic considerations or political pressure, the Federal Reserve seems to have started to soften its stance. The market has keenly sensed this change, reacting to the potential interest rate cuts even before Powell's formal speech.

This series of events demonstrates the complexity of the global economic landscape and the interplay between policymakers and market participants. In such an environment, investors need to remain vigilant and closely monitor policy changes and market trends in order to make informed investment decisions.