The CITIC Securities Research Report pointed out that the Federal Reserve's July resolution remained on schedule, and there were few changes in the wording statement. Walsh's statement left room for interest rate hikes while avoiding releasing too many hawkish signals. Market expectations were quite divided before the resolution was announced, but the Federal Reserve has taken action to show that it does not need to rush to raise interest rates. Its credibility does not come from unexpected austerity, but rather relies on making the best decisions based on data. Currently, there are too many expectations that interest rates will increase twice before 27Q1 in the derivatives market. We still expect the Federal Reserve to remain on hold throughout this year.

The CITIC Securities Research Report pointed out that the Federal Reserve's July resolution remained on schedule, and there were few changes in the wording statement. Walsh's statement left room for interest rate hikes while avoiding releasing too many hawkish signals. Market expectations were quite divided before the resolution was announced, but the Federal Reserve has taken action to show that it does not need to rush to raise interest rates. Its credibility does not come from unexpected austerity, but rather relies on making the best decisions based on data. Currently, there are too many expectations that interest rates will increase twice before 27Q1 in the derivatives market. We still expect the Federal Reserve to remain on hold throughout this year.