As the Federal Reserve is about to announce its interest rate decision, the 'New Federal Reserve News Agency' has published a message.

1. This article was published just one day before the Federal Reserve meeting, which is obviously 'bad news'. Prior to this, most Wall Street investment banks had already pushed back their expectations for a June rate cut by the Federal Reserve to July.

2. The article translates into Chinese with over 2000 words, which does not align with its usual concise style, but fits the interpretation logic of financial markets—fewer words, bigger matters. Conversely, if the signal is hardcore, it will use short and powerful wording; if there is a lot of background, premises, and context to explain, then the word count will increase, but the core signal is often very limited. This article remains bloated, more for laying groundwork and clarification, while the actual policy direction is only pointed out in a few places.

3. The entire article conveys one meaning—rate cuts are inappropriate.

The article states that Federal Reserve Chairman Powell and his colleagues are expected to extend their wait-and-see stance on rate cuts and formulate strategies on how to refine this stance. The usual practice of the Federal Reserve under Powell is to wait until they are very certain about the data before taking swift action.

4. It is written for the market, but also for Trump. The Federal Reserve needs to show independence while having to acknowledge the significant impact of trade policy on the inflation path. This resonates with the current background of Trump's pressure on the Federal Reserve to cut rates.

· Part written for the market: This will not be a cycle of preemptive rate cuts due to predicted economic slowdown. The Federal Reserve needs to see tangible signs of slowdown in actual data, especially in the labor market.

· Part written for Trump: The tariff policy is chaotic and may put the Federal Reserve in a dilemma.

5. Almost no one expects the Federal Reserve to announce a rate cut this week, but the difficulty lies in 'Powell must be careful in considering how to communicate potential response measures'. In other words, the Federal Reserve may tell the market 'consider ways to cut rates, we will cut rates at the appropriate time', but will also say some tightening words. They need to gain market trust while not raising market expectations. The Federal Reserve should make the market feel that everything is being considered and that it has the ability to avoid an economic recession.

6. There is a divergence of opinion within the Federal Reserve on whether 'the impact of tariffs on inflation is a one-time event'. Initially, most officials believed inflation was temporary. Now, believing these are temporary will require some courage. In this case, it is better to act slowly, but to be correct in direction.

The Federal Reserve seems no longer to pursue the 'perfect timing for rate cuts', but rather is willing to bear some costs, making small mistakes without making big ones.

Powell is likely to continue to hold the views he expressed during his speech last month, as that speech was in fact a warm-up for this meeting.