PANews reported on August 24th that according to Zhitong Finance, Cathay Haitong Securities released a research report stating that Powell's speech at the 2025 Jackson Hole Global Central Bank Annual Meeting clearly signaled a dovish turn. He argued that the downside risks to employment outweigh the upside risks to inflation, potentially providing forward-looking guidance for a new round of precautionary rate cuts. The revision of the US monetary policy framework also points to a more adaptable and flexible monetary policy. The Federal Reserve may begin cutting interest rates in September, but given its precautionary tone and the impact of inflation, the pace will be moderate, with a maximum of two cuts expected this year.