The Jackson Hole Global Central Bank Conference is about to feature a highlight, with Fed Chairman Powell's speech starting at 10 PM tonight. This highly anticipated speech is expected to have a significant impact on the financial markets, especially regarding the outlook for future monetary policy.

Currently, there are differences within the Fed regarding whether interest rates should be lowered in September. Recently, several Fed officials have publicly expressed their views. Some officials believe that the latest inflation data is not ideal, suggesting that a rate cut may not be forthcoming; another stated that if the labor market deteriorates, a short-term rate cut may be considered. At the same time, there are officials who firmly oppose lowering rates. These differing voices reflect the policy debate within the Fed.

According to the current situation, Powell's speech tonight is likely to lean towards a hawkish stance. He will probably focus on the following aspects:

1. September's monetary policy direction: whether there will be a rate cut, and if so, by how much. Although the likelihood of an interest rate hike is nearly zero, the market is still closely watching for any signals of policy adjustments.

2. Structural factors in the labor market: The recent significant revision of non-farm payroll data has drawn attention, and changes in the labor market may become an important factor affecting monetary policy.

Powell may adopt a "hawkish then dovish" rhetoric strategy to set the tone for the September monetary policy decision. Given that the speech may trigger significant market volatility, investors should be cautious in managing their positions and做好风险管理.

This speech will undoubtedly become a key event influencing the short-term market direction, and all parties will closely monitor Powell's every word to find clues about the Fed's future policy direction.