Tonight, watching Powell, the focus is no longer on whether he will "dove" or not.

When the Middle East situation tightens, oil prices and inflation expectations tend to rise together.
In such times, the Federal Reserve's desire to easily discuss interest rate cuts is hardly that simple.
Currently, the market's biggest fear isn't a pause in rate cuts,
but that high inflation hasn't been subdued and the economy is starting to weaken again.
That is the most uncomfortable scenario.
So tonight, if Powell continues to be cautious, the expectation of rate cuts is likely to be cooled down again.
For risk assets, it won't be very comfortable in the short term either.