鲍威尔突然转鸽，全球资产狂飙

Group 1 - Federal Reserve Chairman Powell's speech at the Jackson Hole conference indicated a shift towards a more dovish stance compared to previous years, which has led to significant market reactions globally [1][20] - Powell highlighted the risks in the employment market and suggested that while inflation risks remain, the impact of tariffs on inflation is more "one-time" in nature, providing a clear indication for a potential rate cut in September [20][11] - The market responded with notable volatility, including a decline in U.S. Treasury yields, an increase in gold prices, a drop in the U.S. dollar index, and a rise in U.S. stock markets [11][13][14][18] Group 2 - The dovish shift from Powell is expected to provide more room for interest rate cuts in China, potentially leading to a more accommodative monetary policy [20] - The U.S. stock market is anticipated to remain strong in the short term due to the significant liquidity injection, although concerns about the long-term implications of the U.S. national balance sheet remain [21][23] - Investors are advised to be cautious with long-term U.S. Treasury bonds and consider short-term bonds for better value, as the political pressures influencing Powell's decisions may have delayed effects on inflation [23][21]