Powell’s Speech Highlights

1. Handover: This is my last meeting as the Chair of the Federal Reserve. I will officially step down as Chair on May 15; afterward, I will remain a Federal Reserve Governor, but I will not interfere behind the scenes. The transfer of authority to the new Chair will be completed before June.

2. Current Interest Rate Situation: The current interest rate will be kept unchanged. The policy cadence is just right for the market. For now, there will be no additional rate hikes and no adjustments overall, and the focus will be on standing by and observing.

3. Stance on Rate Cuts: Don’t expect rate cuts in the short term. As long as the inflation pressures brought by oil price fluctuations and tariffs have not eased, we will never easily begin a rate-cutting cycle.

4. Policy Wording Change: At the next meeting, we will adjust the phrasing—removing the statement “inclining toward subsequent rate cuts”—and we will cool market expectations in advance.

5. Decision-Making Logic: Do not place faith in predictions from the dot plot. We only look at real economic data. If rates truly need to be adjusted, we will clearly send signals to the market in advance.

6. Endorsement of the New Chair: I believe that the new Chair can uphold the Federal Reserve’s independence and will not be swayed by political pressure or blindly follow external interference.

7. Closing Remarks: This is my last Chair press conference. From now on, I will no longer appear in the capacity of Chair. I will smoothly hand over and step away.$BTC $ETH $DOGE