Summary of Powell's April 16 Speech: High Uncertainty, Need to Wait for Clarity

Jinse reports, Summary of Powell's April 16 speech: 1. Interest rate outlook: High uncertainty; currently in a good position, waiting for clearer signals before considering adjusting policy stance. 2. Economic outlook: The U.S. economy remains "robust," with strong imports in the first quarter causing a drag, GDP may slow down compared to last year's growth rate. 3. Inflation outlook: Tariff impacts may be more persistent, likely to drive up inflation; March PCE annual rate expected at 2.3%, core PCE at 2.6%. 4. Employment market: Overall balance maintained; reduction in research funding is expected to have a significant impact on employment; unemployment rate is expected to rise. 5. Tariff impact: Tariffs imposed so far have exceeded expectations; policy is still being adjusted, and impacts remain highly uncertain. 6. Cryptocurrency: Gradually becoming mainstream, a legal framework for stablecoins needs to be established; bank regulations are expected to be "partially relaxed." 7. Independence: The Fed's independence is legally mandated; the Fed will not be influenced by political pressure. 8. Others: Don't expect the Fed to bail out the market; if a dollar shortage occurs, the Fed is prepared to provide liquidity to global central banks. 9. Market reaction: The dollar index fell, then rebounded and fell again; U.S. stocks continued to decline, with the Nasdaq down nearly 4%, and gold slightly climbed.