#鲍威尔发言 A Waiting Game Without Winners

This meeting reveals that the Federal Reserve is caught in a tear between 'data lag' and 'political immediacy': removing the term 'stagflation' is meant to soothe the market, while the hawkish dot plot reflects real fear. When Powell says 'holding steady is the best strategy', the implication is that the Fed has lost control over the economic trajectory. If summer inflation data soars as expected, the consensus for two rate cuts in 2025 will instantly collapse, potentially opening the box of rate hikes. History shows that central banks that hesitate in the early stages of stagflation will ultimately be bitten by inflation — will the Federal Reserve repeat the same mistake this time?