4E: Powell denies that the Federal Reserve will rescue the market, US stocks plunge, and the crypto market performs independently

On April 17, according to 4E monitoring, Powell's latest speech warned that the tariff increase far exceeded expectations may face the dilemma of inflation and the economy, suggesting that the Federal Reserve will give priority to controlling inflation, and reiterated that it will maintain a wait-and-see stance, denying that the market will cut interest rates to save the market when it falls sharply. Affected by this hawkish remarks, the three major US stock indexes collectively fell sharply, the Nasdaq fell 3.07%, the S & P 500 fell 2.24%, and the Dow fell 1.73%. The seven technology giants fell generally, NVIDIA closed down nearly 6.9%, and Tesla fell nearly 5%.
The crypto market performed relatively independently under the slump of US stocks. Bitcoin briefly fell sharply after Powell's speech, but soon stood back above the $84,000, currently at $84,227, up 0.8% in 24 hours. Most of the counterfeit products rose, but the market sentiment was cautious, and investors were wary of whether they would be affected by the spread of overall economic risks in the future.
When the US stock market fell sharply, Trump repeatedly called for interest rate cuts, and the market also raised expectations for the Federal Reserve to urgently cut interest rates to rescue the market, but Powell's latest speech poured cold water on the market. According to the CME FedWatch tool, the probability that the Federal Reserve will maintain interest rates unchanged in May increased to 83.2%.