The reasons for the Federal Reserve's decision to remain on hold for four consecutive times include the following points:

Inflation factors: Although inflation has eased somewhat, it remains above the Federal Reserve's 2% target. For example, the core PCE inflation rate in May was 4.7%, up from 4.6% in April, indicating that inflationary pressures still have resilience, which makes the Federal Reserve cautious about interest rate cuts. Federal Reserve officials are not confident about a sustained decline in inflation, and several have stated that they will not support adjusting interest rates until inflation consistently trends down towards the 2% target.

Labor market: Although there are some signs of cooling in the U.S. labor market, it remains relatively robust overall. Non-farm employment increased by 139,000 in May, better than market expectations, and the unemployment rate held steady at 4.2%, which somewhat supports the decision to maintain interest rates.

Economic growth expectations: The Federal Reserve anticipates a slowdown in economic growth by 2025, primarily influenced by consumption and investment spending. In the face of economic uncertainty, maintaining stable interest rates helps provide a certain level of stability to the economy, avoiding adverse effects from interest rate fluctuations.

External uncertainties: The inconsistent tariff policies of the Trump administration have introduced uncertainties into prices, potentially driving up inflation and also possibly suppressing economic growth. At the same time, Israel's attacks on Iranian nuclear facilities have created uncertainty for the global economy; in this context, the Federal Reserve tends to keep interest rates stable to observe the development of the situation.