There is an important televised speech tonight, and the market is already watching.

Just by looking at the timing, you can sense some tension—almost a year since returning to the White House, poll numbers are declining, the economy is under pressure, and interest rates are not coming down. This is clearly not a celebration, but a speech to stabilize public sentiment.

**Why is the market paying attention?**

To be honest, there probably won't be any "new tools" announced tonight. What the market is really waiting for are signals in three areas:

First, is the economic situation a "phase of fluctuation" or "needs proactive adjustment"?

Second, will fiscal, trade, and border issues become the main policy focus moving forward?

Third, will the government start to find a reasonable framework to justify the reality of "keeping interest rates high"?

Behind this is a very important logic: when the central bank's monetary policy is already difficult to move, the political narrative will come to the forefront. The market not only looks at data but also heavily relies on this narrative.

**Why emphasize "historic achievements"?**

The White House has signaled in advance that it will review the "historic achievements" of the past 11 months. This is not just simple self-praise but a defensive stance.

The reality is in front of us—inflation has not fallen quickly, interest rates remain high, asset prices are starting to come under pressure, and middle-class and young people still do not feel the economy warming. At this point, the government’s biggest fear is not bad data but that public confidence has truly collapsed. So tonight’s key is less about announcing policies and more about how to reshape market and voter expectations for the future.