Recently, Fed Chairman Powell has been facing pressure from multiple sides. The most notable criticism comes from Trump, which puts Powell in a delicate position ahead of his upcoming speech.

Recently, the Trump camp's criticism of the Fed has escalated. From the controversy over the building renovation budget, to directly demanding the resignation of people around Powell, to the subtle threats during the correction period of the US stock market, all show Trump's dissatisfaction with the Fed's policies.

In this situation, every word from Powell could be overinterpreted. If he makes any obvious hawkish remarks, it is likely to trigger a sharp reaction in the market, which is exactly what Trump is hoping for, as it would allow him to blame the Fed for a drop in the stock market.

Considering these factors, Powell may choose a more cautious and ambiguous way of expressing himself. He may neither show a clear hawkish stance nor be too dovish, but rather leave some room for interpretation for the market. This strategy can balance expectations from all sides to some extent, while also avoiding giving Trump further opportunities for criticism.

However, the real impact on market trends may still depend on the economic data released after September. Powell's speech may trigger short-term market fluctuations, but the long-term trend will still depend on actual economic performance.

Overall, in the current complex political and economic environment, Powell's speech will be an artistic performance balancing the interests of all parties. Market participants need to carefully interpret the details within, rather than overreacting to the surface wording.