Tonight, the Q2 PCE price index will be the focus of the market, with the data set to be released at 20:30. Following that, the Fed will announce this month's interest rate decision at 2:00 AM on Thursday, after which Chairman Powell will give a speech.

According to the currently available information, analysts generally expect that this meeting will keep the interest rate unchanged. However, what is truly noteworthy are Powell's remarks after the decision, which may provide important clues for the future direction of monetary policy.

It is worth noting that recent changes in the economic environment are increasing the pressure for interest rate cuts. A consensus in the market has begun to form, anticipating that a new round of interest rate cuts may begin in September. This expectation is partly rooted in changes in economic indicators and also reflects a pressing demand for adjustments in monetary policy.

However, the Fed needs to balance multiple factors when making decisions, including inflationary pressures, the state of the labor market, and the overall economic growth outlook. Powell's speech will provide an important window for the market to interpret the Fed's stance and is expected to clarify the policy orientation under the current economic conditions.

In this period full of uncertainty, investors and economists will closely follow the upcoming economic data and the Fed's policy signals to assess future economic trends and investment opportunities.