Today's market focus is undoubtedly the Federal Reserve's May interest rate meeting, the outcome fully aligned with expectations—maintaining the current interest rate level. However, the subtle hints buried in the policy statement are worth noting:

In terms of policy stance, although the Federal Reserve retains a "data-dependent" tone, the wording suggests a hawkish inclination, showing unexpected vigilance towards persistent inflation.

Regarding the latest tariff policy, the Fed rarely expresses explicit concerns, warning of the potential risk of "stagflation" characterized by rising inflation and unemployment, a straightforward statement that is indeed rare in recent monetary policy communication.

The market's primary focus on the balance sheet reduction and interest rate cut trajectory still adopts a "vague guidance" strategy. However, it is noteworthy that the observation point for shifting policies clearly points to the June dot plot, which effectively sets a clear timeline for market expectation management.