Summary of institutional comments: Powell's unusual "dove" tonight just didn't mention how he would cut interest rates. On Friday (August 23) local time, Federal Reserve Chairman Powell gave a speech at the Jackson Hole annual meeting, saying, "We don't seek or welcome further cooling of the labor market situation. Now is the time to adjust policies." At the same time, "Federal Reserve Voice Speaker" Nick Timiraos posted on social media that today's speech indicates that Powell's policy shift has been completed, and he showed a comprehensive dovish attitude in his speech. Two years ago, he also said at the same time that the Federal Reserve would accept economic recession as the cost of restoring inflation.