The Fed's rate cut this time is once again in doubt, and Powell has undoubtedly turned the best timing for a rate cut in June into a dilemma. In June, the A-shares were still at the bottom, U.S. employment was just showing fatigue, and inflation was controllable. A rate cut at this time could have stabilized the U.S. stock market and even provided an opportunity to buy the dip in the Eastern markets; however, Powell chose to delay, wanting to wait for problems in the Eastern real estate market and to hinder Trump with policy. In the end, not only did he see A-shares pump, but U.S. employment data also became increasingly grim. Now he is caught in a dilemma: accelerating rate cuts could lead to capital flowing to the East (where Eastern stock markets are hot, while the U.S. is burdened with massive debt and the pressure of a 4.5% interest rate, possibly triggering a crisis of 'East rising and West declining' affecting U.S. stocks, bonds, and the dollar); not cutting rates will not stop the employment downturn or support the U.S. stock market, and the good days for the U.S. may be hard to sustain.