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The Federal Reserve (FED) is still in a passive position, and the put options have not reached the triggering moment.
Jin10 data reported on May 8, Powell stated that there is currently no need to take action, nor is there data to support taking action. In other words, the Federal Reserve is still in a reactive mode rather than a preemptive one. From the market’s perspective, there is still some distance to trigger the Federal Reserve’s “put options” (i.e., the situation where the Federal Reserve takes action to support the market).