Powell's shift to a "dovish" stance this time is less about an assessment of the economic situation and more about the result of political maneuvering. Look at the Trump administration; they plan to insert four of their own as governors at the Fed while also exerting pressure in public opinion for Cook to resign. With this set of one-two punches, the independence of the Fed is facing the biggest challenge since the Volcker era in the 1980s.

What does this policy shift mean for us investors? In the short term, we can take advantage of the expectations of interest rate cuts to earn some money from asset rebounds; but in the long term, we need to be cautious of the risks of "stagflation"—physical assets like gold and copper may be more worth allocating than U.S. Treasuries, while high dividend sectors need to be wary of the risk of profit downgrades.

As for Powell himself, his historical reputation will depend on whether he can avoid turning the current "preemptive rate cuts" into a trigger for systemic risk before he steps down in May next year. #加密市场反弹#