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Deep analysis of Powell's latest remarks:
1. Policy implementation: The Federal Reserve lowered interest rates by 25 basis points as scheduled, the expected move.

2. Dot plot signals: Significant divergence in the long term. The 2026 dot plot shows large disparities, with a median expectation of only 1–2 rate cuts. However, it’s important to note that with the Fed Chair changing next year, the policy path has clear uncertainties, making the current dot plot less valuable as a reference.

3. Key clarification on “liquidity infusion” (重点)
This month, the Fed actually released about $40 billion in liquidity into the market. Powell explicitly explained at the press conference: “Purchasing government bonds is solely for reserve management.” Essentially, this is a relatively loose, bottom-line liquidity operation.

4. Core meaning of Powell’s speech (summarized in two sentences)
(1) Everything depends on subsequent economic data.
(2) To leave a “healthy” economic environment for the next Fed Chair, avoiding policy missteps.

5. Market outlook (personal opinion)
In the short term, the market may experience a brief correction of a few days, which is a normal process of digesting emotions and expectations; but afterward, the trend is expected to gradually return to normal rhythm. The major crash last month was the result of multiple negative events coinciding. Under the current policy and liquidity environment, the probability of a similar event happening again in the short term is extremely low.