The Federal Reserve is about to hold its May policy meeting. The market generally expects that there will be no interest rate cut this month, and investors' focus has shifted to whether there will be an opportunity to initiate rate cuts in June and July. Financial journalist Nick Timiraos, praised as the 'new generation Federal Reserve spokesperson,' recently pointed out that although there may be signs of an economic slowdown, the Fed will not act solely based on predictions; they prefer to rely on actual economic data, particularly the performance of the labor market, to determine whether policy adjustments are necessary. Currently, the Fed faces the challenge of balancing the suppression of inflation with stabilizing employment. Recent trade frictions have also increased the risk of rising inflation and may suppress business activity, exacerbating stagflation pressures, which further reduces the likelihood of interest rate cuts in the short term. Based on the non-farm payroll report released in April, employment performance remains strong, so the Fed is not in a hurry to adopt easing measures and is still in a wait-and-see phase.