The results of the FOMC meeting from the Federal Reserve came out early this morning—another familiar script: interest rates remain unchanged at 4.25%-4.5%, but the dot plot has doused the market with cold water. The originally expected two rate cuts within the year have been reduced to only one, and expecting to rely on easing in 2025? Wake up, Powell has no intention of giving the market any sugar!

​​Core Results: Hawkish stance remains unchanged, rate cut expectations slashed in half.

​​Interest Rate Decision: For the third consecutive time, the 4.25%-4.5% range is maintained, in line with expectations but without any surprises.

​​Dot Plot Shock: The 2025 rate cut expectation shrank from 50 basis points (two cuts) to 25 basis points (one cut), while the script for a 75 basis point cut in 2026 remains unchanged. More harshly, among the 19 committee members, 11 believe there will be at most one cut this year, with 8 even calling for 'no cuts at all.'

​​Economic Forecast: GDP growth rate revised down from 1.7% to 1.4%, but inflation expectations have been raised—core PCE surged from 2.8% to 3.1%, clearly indicating that the risk of stagflation cannot be suppressed.

​​Market Reaction: The dollar index instantly surged by 0.8%, while BTC promptly fell below $61,000.

​​Powell's Press Conference: Stubbornly defiant, yet with hidden meanings.