Last night, I went to bed early after the live stream, and I didn't pay attention to Fed Chair Powell's speech. I think it will hardly have a major impact on the market moving forward, after all, he's about to step down. However, Bitcoin dropped another 1,000 points, and today it rebounded to yesterday's level, clearly just a quick surge. I looked at the meeting content today, did some整理, and shared it with everyone.

First, the conclusion: it is impossible to cut interest rates before June. Powell's reappointment is very rare and will be a move against Trump. The Federal Reserve is deeply divided, just like the current United States, where the expectation of future rate hikes is higher than rate cuts. Bitcoin still has room to fall.

The Federal Reserve will keep the benchmark interest rate unchanged at 3.50%-3.75%. Since October 1992, the Fed's rate decision and policy statement have received the most dissenting votes, with the FOMC voting 8:4 in a rare split. Employment growth remains low on average, unemployment rate has little change, and inflation is "high," whereas in previous statements it was "slightly high," citing the impact of global energy prices.

Powell: Inflation is high, partly reflecting rising energy prices. Recently, inflation expectations have increased. With rising inflation, he will continue to serve as a director after May 15, adopting a低调姿态, not agreeing with the Trump administration's approach. He had planned to retire early but had no choice but to stay. Legal lawsuits have severely damaged the Fed's independence, forcing him to remain as a director. Perhaps at the next meeting, they will consider changing the current easing bias. He will never be a shadow chairman. Opponents of easing are not inclined to raise interest rates.