The Federal Reserve's July FOMC meeting on July 12, 2024, kept interest rates unchanged, signaling a dovish shift. The decision to maintain the federal funds rate in the range of 5.25%-5.50% was in line with market expectations. The policy statement removed the wording of 'further policy tightening' and explicitly stated for the first time that 'inflation has made substantial progress.' The latest dot plot shows that among the 19 committee members, 12 expect at least one rate cut this year, with 7 supporting two cuts. Powell stated at the press conference that the current policy is sufficiently restrictive and future decisions will be made 'on a meeting-by-meeting basis' based on data. The market interpreted this as a dovish shift, leading to a collective rise in the three major U.S. stock indices after the announcement, while the dollar index fell below 103, and Bitcoin surged 5% to break through $68,000 in a short-term jump.