Fed Chairman Powell's speech raises the probability of a rate cut in September to 90%.

[Chain News] On August 22, news from data platforms reported that Fed Chairman Powell stated that the tariff price effect is short-lived and belongs to a reasonable baseline scenario. The stable unemployment rate allows the Fed to be more cautious in adjusting its policy stance. He emphasized that a one-time price rise cannot be allowed to evolve into a persistent inflation problem and introduced a new framework to adapt to various economic conditions. At the same time, Powell pointed out that the employment situation faces downside risks. After Powell's speech, traders expected the probability of a Fed rate cut in September to rise from 75% to about 90%.