This Friday's speech by Powell is expected to be very important, as everyone may use it to judge whether monetary policy is entering a full rate-cutting cycle. However, predicting whether Powell will lean dovish or hawkish is quite difficult, because the July non-farm payrolls only increased by 73,000, and the Federal Reserve needs to be a bit dovish to support employment. Recently, the PPI has strengthened, and inflation remains sticky, so if the Federal Reserve wants to prove its independence, it needs to be a bit hawkish. It is highly likely that he will still emphasize data dependence, similar to the words of the "master of balancing."