The results of the FOMC meeting from the Federal Reserve this morning have come out—it's the same old script: interest rates remain unchanged at 4.25%-4.5%, but the dot plot has splashed cold water on the market. The anticipated two rate cuts within the year have been reduced to just one, and thinking about relying on easing in 2025? Wake up, Powell is not planning to feed the market sugar!

​​Core results: Hawkish stance remains, rate cut expectations halved.

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

​​Dot Plot Shock: The expectation for rate cuts in 2025 has shrunk from 50 basis points (two cuts) to 25 basis points (one cut), and the scenario for a 75 basis point cut in 2026 remains unchanged. More shockingly, among the 19 committee members, 11 believe there will be at most one cut this year, while 8 even claim 'not a single cut at all.'

​​Economic Forecast: GDP growth has been revised down from 1.7% to 1.4%, while inflation expectations have been raised—core PCE has soared from 2.8% to 3.1%, clearly indicating that stagflation risks cannot be suppressed.