Overall, this FOMC meeting reflects the Federal Reserve's pursuit of a "middle way" between the dual goals of inflation and employment. Although inflation has eased somewhat, it remains above target, and while the job market is not hot, signs of fatigue are becoming apparent. The Federal Reserve currently leans towards cautious weighing: it does not wish to see inflation rebound, nor does it want to lower interest rates too early, thereby compressing policy space.

From a global perspective, trade friction, geopolitical conflicts, and the trend of the dollar remain sources of risk. If inflation further eases in the autumn and employment continues to decline, the Federal Reserve may initiate interest rate cuts as scheduled in September; conversely, if international situations trigger supply shocks, it may delay and adopt a more cautious approach.

For investors and followers, I recommend paying close attention to the following upcoming events:

• The new forecast signals at the August Jackson Hole meeting, which may provide a clearer timeline for rate cuts;

• The wage growth and core PCE data in the coming months, and whether they can continue to decline;

• Changes in fiscal and trade policies, particularly regarding U.S. tariffs or fiscal spending trends.

In summary, the Federal Reserve's June statement continues the strategy of "wait-and-see and retain room for action," aiming to balance multiple risks. The future "pace and magnitude" of policy will highly depend on the economic data performance following June.