The U.S. labor market is facing headwinds, with the latest non-farm payroll data catching the market off guard. The number of jobs rose by only 73,000, far below analysts' expectations of 110,000. This data undoubtedly poses a significant challenge to the Fed's current policy stance. Financial markets reacted swiftly, with traders raising the probability of a rate cut by the Fed in September to 75%.

Faced with such weak employment data, if Fed Chair Powell continues to insist on delaying interest rate cuts under the pretext of 'strong economy', his policy logic will face severe challenges. Looking back at Powell's tenure, the lag in his decision-making has been highly controversial. When inflation first showed signs, he insisted that inflation was 'temporary', delaying the timing of rate hikes. This misjudgment led to inflation quickly rising to nearly 9%, forcing the Fed to hurriedly start an aggressive rate hike cycle.

Nowadays, Powell seems to have fallen into another extreme. His insistence on the 2% inflation target is almost stubborn, and he shows an overly cautious attitude towards interest rate cuts. This position may provoke dissatisfaction from both parties. If the political landscape changes, the Fed's decisions are likely to face greater scrutiny and pressure.

More critically, Powell's indecision is pushing the global economy into a dangerous situation. On one hand, the persistent high interest rate environment has already put pressure on economic growth; on the other hand, if the U.S. reinstates large-scale tariff measures while the Fed fails to timely cut interest rates to provide a buffer, the global economy may suffer from the double blow of 'high interest rates + trade barriers.'

In the face of a complex economic situation, the policy choices of the Fed will directly impact global financial markets and economic trends. Powell needs to find a balance between maintaining the Fed's credibility and timely adjusting policies to respond to the ever-changing economic environment. In any case, every action taken by the Fed in the future will be closely monitored by the market.