At the recent global Central Bank annual meeting, Fed Chairman Jerome Powell delivered a thought-provoking speech in which he mentioned that "the risk balance is changing". This statement immediately attracted significant follow from global financial markets. Currently, the U.S. economy is facing a complex situation, with inflationary pressures rising again, while job growth has clearly slowed down, coupled with the impacts of new tariff policies. The Fed is at an unprecedented decision-making crossroads.

The latest economic data is concerning. The employment growth data for July shows an average monthly rise of only 35,000, far below the levels of previous years. At the same time, the core inflation rate has climbed to 2.9%, significantly exceeding the Fed's 2% target. Additionally, the impact of tariff policies is starting to show, pushing up commodity prices by 1.1%. These data reflect that the U.S. economy is undergoing profound changes.

It is worth noting that Powell publicly acknowledged for the first time the current "challenging situation" - rising inflation risks and declining employment risks. This dual pressure puts traditional monetary policy tools in a dilemma: raising interest rates may further impact employment, while lowering rates may exacerbate inflationary pressures.

Powell emphasized that the Fed "will never allow a one-time rise in price levels to evolve into a persistent inflation problem." This statement is both a commitment to the market and reflects the concerns of Fed decision-makers.

The impact of these macroeconomic signals on the digital asset market cannot be ignored. In the past two years, the price fluctuations of digital assets have been closely related to the looseness and tightness of USD liquidity and the trend of US bond yields. Powell mentioned that "the risk balance is changing," which means that the digital asset market may face new uncertainties and challenges.

In this complex economic environment, investors need to closely follow the Fed's policy trends, while also paying attention to changes in the global economic situation, in order to timely adjust their investment strategies. Both traditional financial markets and the emerging digital asset market will be profoundly affected by these macro factors.