Powell's speech releases complex signals, the Crypto Assets market faces uncertainty.

Federal Reserve Chairman Powell's latest speech sends mixed signals. Against the backdrop of slowing economic growth and stubborn inflation, his cautious remarks on the monetary policy path create uncertainty for the Crypto Assets market.

Powell pointed out in his speech at the Greater Providence Chamber of Commerce early this morning that the GDP growth rate has dropped to 1.5% in the first half of the year, the unemployment rate remains at a low of 4.3%, while the core PCE inflation rate has risen to 2.9%, far exceeding the policy target of 2%.

In the face of this "short-term inflation risk on the rise and employment risk on the decline" complex situation, Powell emphasized that monetary policy "has no preset path" and will be dynamically adjusted based on data.

Although the current policy stance remains "moderately restrictive", it also leaves room for interest rate cuts. At the same time, he warned that a rapid pace of interest rate cuts could pause or reverse the easing cycle, which would have adverse effects on Crypto Assets.

Powell's statements starkly contrast with the CME futures market prediction, which indicates a 94.1% probability of a rate cut in October, and also reflect the divergence in policy paths.

For the Crypto Assets market, Powell's cautious stance brings dual effects: on one hand, interest rate cuts are generally favorable for risk assets like Crypto Assets, as low rates reduce the cost of holding these assets.

On the other hand, investors' concerns about rising inflation and unclear policy direction may dampen market optimism.

Some analysts also pointed out that the market may be overly concerned about Powell's speech. This is because the Federal Reserve's responsibility is macroeconomic regulation, not guiding asset prices, so this statement should not be seen as a direct bearish signal for the market.

However, considering that tariffs may push up inflation, there is uncertainty about whether monetary policy will continue to be accommodative in the future. This also means that the Crypto Assets market may continue to experience range-bound fluctuations in the short term until economic data or policy signals provide a clearer direction.

#鲍威尔 # Crypto Assets market