Powell will speak tonight, and the market may face significant fluctuation as interest rate cut expectations rise.

On August 22, at 10 AM Eastern Time (10 PM Beijing Time) today, Fed Chairman Powell will deliver a speech at the Kansas City Fed's annual Central Bank conference held in Jackson Hole, Wyoming, assessing the economic outlook and the Fed's policy framework. Significant fluctuations in the market are expected at that time.

This speech comes at a critical moment: The latest data shows that tariff measures have had some impact on inflation, while the job market is slowing down. This complex situation has strengthened the market's expectation that the Fed may announce a 25 basis point rate cut at next month's meeting. Meanwhile, President Trump continues to pressure Powell to cut rates and is looking for his replacement. Powell's term as Fed chair will end in May next year.