The fact that there will be no interest rate cuts in June is something everyone has already fully anticipated. The focus is on the dot plot; the dot plot for 2025 still indicates two rate cuts, which is quite good compared to many market investors' expectations of one or none. Therefore, the probability of a rate cut in September has increased again. Although the expectation for a rate cut in 2026 is only one, it is still quite early, and the Federal Reserve can adjust at any time. So, for the market, this dot plot is considered relatively neutral.