Last night's speech by Chairman Powell focused on adjustments to the monetary policy framework, suggesting a return to traditional inflation targeting and a more flexible approach to the labor market, maintaining high interest rates in the short term to observe inflation trends. PPI data exceeded expectations, with both annual and monthly rates declining and below market forecasts. Previously, CME had a 63.3% expectation for no rate cut in July; theoretically, a lower PPI could increase the probability of a rate cut in July, but the Federal Reserve needs to wait for tariffs to take effect before changing its inflation expectations, and current data is unlikely to fundamentally alter its judgment. Retail data showed a value of 0.1%, although lower than the previous value, it achieved positive growth. BTC sentiment is improving, while the US stock market reacted mildly, and further observation is needed. #BTC# #币圈观察员#