The market's expectation for a rate cut in September still accounts for more than 80%. Interestingly, regardless of how economic data fluctuates, everyone seems convinced about this matter. But in the end, it still depends on Powell's attitude—based on past experience, whenever the market's expectations clash with his thoughts, it is always the market that suffers. Therefore, the global central bank annual meeting on Thursday must be closely monitored, as this is an important opportunity for him to voice his opinions before the September interest rate decision. Whether he will send signals or if his attitude will loosen is crucial.

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