【Federal Reserve Meeting Minutes: Market Believes Overall U.S. Economy Remains Resilient】Golden Finance reports that the Federal Reserve released the minutes from the July meeting, which mentioned that the recent rise in stock prices and the narrowing of credit spreads indicate that the market believes the overall U.S. economy remains resilient; however, financial markets seem to have begun distinguishing based on the scale and quality of corporate earnings. The valuation of the S&P 500 index continues to be above the long-term average, mainly due to the market's optimistic expectations of the potential benefits for large tech companies from further applications of artificial intelligence (AI). However, despite an increase in valuation during the meeting interval, the valuation of small-cap stocks remains below historical average levels.