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in march 2022, the fed began to respond to soaring inflation, but as time went on, they gradually turned their attention to the labor market. powell pointed out that the u.s. labor market is experiencing "natural" unemployment levels, which means that the balance between economic growth and unemployment is being found.

at the recent fomc meeting, the fed cut interest rates by 50 basis points, a rare event in history. this move reflects the fed's judgment on changes in the economic situation. powell stressed that the fed would act based on the data and expressed hope that the labor market would remain robust.

however, powell's speech also prompted some different interpretations. some people believe that the fed may continue to act cautiously and cut interest rates by 25 basis points at the november meeting; but others believe that due to the improvement of the economic environment and the continued decline of inflation, the rate of interest rate cuts may be higher in the future. market reaction also reflected this divergence: the two-year u.s. treasury yield rose to 3.65% in the short term, and the overall increase during the day expanded to nearly 10 basis points when powell spoke. the dollar rose 1% against the yen to 143.65 yen. the s&p 500 fell 0.2%, the dow fell more than 200 points or 0.5%, the nasdaq fell 0.2%, and the philadelphia semiconductor index fell 1.5%.

the reaffirmation of powell's speech has made the market full of expectations for the fed's future actions. he stressed the soundness of the economy and labor market and said he would act based on the data. however, the extent of future interest rate cuts may also be affected by market sentiment and economic conditions, and the final decision will depend on the federal reserve's assessment.