According to the CICC research report, the Federal Reserve's July meeting remained on hold, but hawkish power is growing. The federal funds rate remained in the 3.5% to 3.75% range, in line with market expectations. The resolution was passed 9-3. Dallas Federal Reserve Chairman Logan, Cleveland Federal Reserve Chairman Hamak, and Minneapolis Federal Reserve Chairman Kashkari voted against it, advocating an immediate 25 basis point increase in interest rates. Although interest rates remain unchanged in the end, the three negative votes themselves have sent an important signal — concerns within the committee about the risk of inflation are heating up. If the inflation data continues to rise above the 2% policy target, more officials will join the camp advocating interest rate hikes.

According to the CICC research report, the Federal Reserve's July meeting remained on hold, but hawkish power is growing. The federal funds rate remained in the 3.5% to 3.75% range, in line with market expectations. The resolution was passed 9-3. Dallas Federal Reserve Chairman Logan, Cleveland Federal Reserve Chairman Hamak, and Minneapolis Federal Reserve Chairman Kashkari voted against it, advocating an immediate 25 basis point increase in interest rates. Although interest rates remain unchanged in the end, the three negative votes themselves have sent an important signal — concerns within the committee about the risk of inflation are heating up. If the inflation data continues to rise above the 2% policy target, more officials will join the camp advocating interest rate hikes.