Did the Federal Reserve tell a colossal lie to the world?

The most unexpected Federal Reserve meeting in recent years.

Today (3:00 AM Beijing time), the Federal Reserve pressed the pause button on interest rate cuts, but more importantly, its policy statement underwent significant changes (more hawkish than market expectations).

· First, the wording "progress on inflation" was removed and replaced with "inflation rates are still slightly rising" (implying a lack of confidence in inflation).

· Second, the statement "labor market conditions have generally eased" was removed and replaced with "the unemployment rate remains stable at low levels, and labor market conditions are still solid" (acknowledging the resilience of the job market, diminishing the necessity for interest rate cuts in the short term; the essence of the wording change is to refuse to provide the market with "certainty on rate cuts," instead emphasizing data dependence).

Following the release of this statement, the U.S. stock market immediately fell, and the U.S. dollar index tested the day's highs again.