[Highlights of the Federal Reserve FOMC Statement and Powell's Press Conference]

FOMC Statement:

1. Interest Rate Decision: The decision to maintain the benchmark interest rate at 4.25%-4.50% was passed with a vote of 12-0, marking the third consecutive time of holding steady.

2. Employment Outlook: The unemployment rate has stabilized, and the labor market is resilient.

3. Balance Sheet Reduction: The current pace of reducing Treasury and MBS holdings will continue.

4. Inflation Outlook: The inflation rate remains slightly high; the risks of high unemployment and high inflation have increased.

5. Economic Outlook: The uncertainty of the outlook has 'further increased.' Despite fluctuations in net exports affecting data, economic activity continues to expand at a 'steady pace.'

Powell's Press Conference:

1. Interest Rate Outlook: The current uncertainty requires the Fed to continue waiting, with all members supporting this stance; Trump's call for rate cuts does not affect our work at all; the cost of waiting is very low, and it is believed that the Fed does not need to rush to adjust rates; in some cases, cutting rates this year is appropriate, while in others it is not appropriate, and one cannot confidently state what the proper rate path is; the Fed can act quickly at its discretion as events develop.

2. Inflation Outlook: Short-term inflation expectations have risen, while long-term inflation expectations remain aligned with targets; avoiding persistent inflation will depend on the scale, timing, and expectations of tariffs. If tariffs are significantly increased as announced, higher inflation will occur.

3. Economic Outlook: No signs of economic slowdown have been observed in actual economic data; the economy is in a robust state; uncertainty is very high, and the risks of economic downturn have increased; fluctuations in GDP data will not significantly alter the Fed's situation.

4. Employment Outlook: Wage growth has continued to slow, and the labor market has reached or is close to maximum employment levels; if there is a conflict between dual objectives, consider the distance between the objectives and the time to close the gap.

5. Tariff Impact: Tariffs have been much larger than expected so far; no significant economic impact has yet been seen from tariff data; the inflation effects of policy may be temporary; the government is starting trade negotiations, which could substantially change the situation; survey respondents indicate that tariffs are a major factor driving inflation expectations.

6. Market Reaction: During the interest rate decision to Powell's speech, gold rose and then fell, fluctuating over $30, the dollar strengthened by about 30 points, 2Y U.S. Treasury bonds fell and then rose, ultimately down about 2 basis points, and U.S. stocks fluctuated lower.

7. Latest Expectations: Interest rate futures show that the probability of a Fed rate cut in June has slightly decreased to 23.8%, with the pricing of rate cuts for the year still maintaining around 78 basis points.

8. Other: There has never been a request to meet with the president; it has always been the latter who proposed the invitation; declined to comment on Trump's retraction of the firing threat; did not disclose whether to continue serving as a Fed governor after stepping down as chair.