Powell's first appearance ignites the trial of the strong US dollar! The Fed's Powell era begins, and the defense battle of Asian currencies may become the norm.

The new Federal Reserve Chair Kevin Wash has just sent a very clear signal to the global markets - the Fed will not sacrifice its priority goal of controlling inflation in order to accommodate international financial markets, especially the pressure on Asian currency values. This is in stark contrast to the market's previous expectations of Wash - before taking office, he was thought to be closer to Trump's preference for loose monetary policy. However, after chairing his first policy meeting, his advocacy for reforming the Fed's expected management mechanism, as well as the clear hawkish signals in the latest policy statements and FOMC dot plot, have led the market to even begin to rethink the possibility of the Fed raising rates this year.