#PowellRemarks

Jerome Powell once again launched his speech, and the markets reacted as if they had received a cold shower. Speaking at the Economic Club of Chicago, the Fed chairman warned that Trump's new tariffs could drive up inflation and harm employment. Instead of promising interest rate cuts, Powell emphasized that the Fed would be patient, monitoring the situation. Investors were hoping for a dovish tone but received a warning about the potential effects of protectionism. The S&P 500 fell by 2.2%, Nasdaq by 3.1%, and tech stocks like Nvidia took a hit. Powell stressed that current market conditions are stable but did not rule out intervention in the event of more serious disruptions. In short: the Fed does not intend to forcefully rescue the market, and investors must prepare for greater volatility.