Tonight, the Federal Reserve will hold a meeting, expected to maintain the federal funds rate at 4.25% - 4.50%, in response to inflation risks posed by tariffs and uncertainties brought about by robust economic growth. The updated economic forecast summary and dot plot may suggest a reduction in the number of rate cuts to two by 2025, starting in September.

At the press conference, Fed Chair Powell is expected to emphasize the principle of "data dependence," indicating that more evidence is needed to support the rate cut decision, and will mention the lagging effects of tariffs on inflation transmission. Despite pressure from Trump for an immediate rate cut, Powell may reiterate the Fed's independence, stating that policy decisions are based on economic data and the balance between inflation and employment.