At the upcoming Jackson Hole annual meeting, Fed Chair Powell's speech has become the focus of the global financial markets. Investors are eager for him to provide clear signals regarding a potential interest rate cut in September; however, Powell may choose to remain cautious, leaving room for flexibility in future policy decisions.

Currently, the market's expectations for the Fed to ease monetary policy are high, as if this is a predetermined script. However, Powell may point out that there are many uncertainties on the road to easing policy.

Although inflation in the United States has eased, it has not yet reached the 2% target; the labor market remains strong. These factors put the Fed in a position of multiple considerations regarding its policy shift decision, much like standing at a crossroads, requiring careful weighing.

Some analysts believe that Powell may deliberately downplay expectations for a rate cut in September to prevent the market from prematurely establishing a rate cut outcome as the Fed prepares for the September meeting.

If this is the case, market reactions may show volatility: US Treasury yields may rise, the dollar may find support, and the interest rate-sensitive growth sectors in the US stock market may temporarily lose their recent upward momentum.

Powell is likely to emphasize in his remarks that the Fed's policy actions will continue to be data-driven, assessing the need for further adjustments to monetary policy based on the evolving economic situation, rather than being swayed by market expectations or short-term economic fluctuations.

This is just like the myriad aspects of life, where expectations and reality are constantly evolving in a game of mutual interaction. Nothing remains unchanged; the key is to find balance and direction amidst the changes.

Market participants will closely monitor Powell's speech and his views on the future direction of the economy and monetary policy, which will undoubtedly have a profound impact on global asset prices.