According to a research report by Huatai Securities, the Federal Reserve held the benchmark interest rate steady at 4.25%-4.5%, aligning with market expectations, despite a dissenting vote from two governors. The accompanying statement struck a slightly dovish tone, yet Chairman Powell's subsequent speech refrained from a clear commitment on a September rate cut, skewing more hawkish. Powell underscored the resilience of the job market while acknowledging potential downside economic risks. Regarding the potential for rate cuts, he emphasized that the decision would be data-dependent. Consequently, the likelihood of a September rate cut by the Fed will primarily hinge on economic indicators released between July and August. Huatai Securities maintains its forecast, anticipating two potential rate cuts between September and December. Nonetheless, should employment and inflation data outperform expectations, the prospect of in-year rate cuts could diminish.