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Last night's show, the rhythm was spot on——before Powell's press conference even ended, Trump was already firing shots.

First, about Powell's briefing — the core points are three simple statements:
✓ The economy isn't overheating: his exact words were roughly "the current economic conditions are not yet at a point where wages are exploding"
✓ Cut rates but don't expect it next time: the market immediately labeled him as "hawkish rate cuts"
✓ Inflation and employment? Both are tricky: basically admitting both issues are being pulled in different directions

As soon as he finished speaking, Trump directly started attacking: "Just these cuts? It should have doubled!"

This is already the third time recently. Clearly trying to pressure the situation to the max.

The market, on the other hand, has been pretty calm:
• The dollar initially rose a little, then started fluctuating back and forth
• US stocks fell and then recovered, indicating traders have accepted this "not particularly dovish" signal
• Cryptocurrencies experienced relatively small volatility, most people are still observing

Why is Powell so cautious? Most likely because internal opinions weren’t unified. And Trump's frequent public remarks might directly influence the leadership change next year — everyone knows he'll pick a more obedient chairman.

In the future, market analysis might need a different approach. Don't just focus on data; political statements are now real variables. The White House and the Federal Reserve both need to be watched.

There are a few interesting questions:

1. With Trump pressuring like this, how much independence does the Fed actually have?
2. Powell says the economy isn't overheated — is he paving the way for continued rate cuts next year?
3. Political factors are becoming increasingly influential — is the traditional analysis framework still useful?

This face-off from afar is probably just the appetizer. What do you all think?