CICC pointed out that Federal Reserve Chairman Walsh's speech at Jackson Hole had a hawkish attitude: he acknowledged that inflation is still high, made it clear that interest rates are still the main policy tool, and stated that “action will be taken according to the circumstances”; at the same time, it is based on economic resilience, stable employment, and relaxed financial conditions, indicating that current policy risks are more on the inflationary side. He also blamed the central bank itself for exceeding the 65-month inflation standard, and corrected the vague statement of “let the market replace the Federal Reserve's interest rate hike” in July. CICC believes that this speech will help rebuild the credibility of the Federal Reserve. After the speech, the market also began to marginally repair the credibility of the trading policy. At the long-term level, Walsh continues to insist that AI may reshape the economic and policy framework, and continues to push for reform agendas such as reducing forward-looking guidelines. As far as the market is concerned, this statement has raised the probability that the Federal Reserve will raise interest rates during the year, but even so, it is not necessarily a pure disadvantage. Currently, there is no shortage of liquidity in the market; what is lacking is policy discipline and predictability. As long as inflation can be suppressed in a timely manner, it will be beneficial to the market in the medium term.

CICC pointed out that Federal Reserve Chairman Walsh's speech at Jackson Hole had a hawkish attitude: he acknowledged that inflation is still high, made it clear that interest rates are still the main policy tool, and stated that “action will be taken according to the circumstances”; at the same time, it is based on economic resilience, stable employment, and relaxed financial conditions, indicating that current policy risks are more on the inflationary side. He also blamed the central bank itself for exceeding the 65-month inflation standard, and corrected the vague statement of “let the market replace the Federal Reserve's interest rate hike” in July. CICC believes that this speech will help rebuild the credibility of the Federal Reserve. After the speech, the market also began to marginally repair the credibility of the trading policy. At the long-term level, Walsh continues to insist that AI may reshape the economic and policy framework, and continues to push for reform agendas such as reducing forward-looking guidelines. As far as the market is concerned, this statement has raised the probability that the Federal Reserve will raise interest rates during the year, but even so, it is not necessarily a pure disadvantage. Currently, there is no shortage of liquidity in the market; what is lacking is policy discipline and predictability. As long as inflation can be suppressed in a timely manner, it will be beneficial to the market in the medium term.