According to CoinMeta, CICC noted that Federal Reserve Chairman Jerome Powell took a hawkish stance in his speech at Jackson Hole, acknowledging that inflation remains high and clearly stating that interest rates are still the primary policy tool. He indicated that the Fed would "act as needed." Based on economic resilience, stable employment, and loose financial conditions, he argued that current policy risks lean more towards inflation, and attributed the responsibility for 65 months of exceeding inflation targets to the central bank itself, correcting the vague statement made in July that "the market should raise interest rates on behalf of the Fed." CICC believes that this speech will help rebuild the Fed's credibility, and after the speech, the market began to trade on the marginal restoration of policy credibility. Powell still insists that AI may reshape the economic and policy framework and continues to push for reforms such as reducing forward guidance. For the market, this stance has increased the probability of a Fed interest rate hike this year, but even so, it is not necessarily purely negative. The current market does not lack liquidity; what is lacking is policy discipline and predictability. As long as inflation can be suppressed in a timely manner, it will actually be beneficial for the market in the medium term.