#鲍威尔发言 On June 19, Beijing time, after the Federal Reserve maintained interest rates unchanged for the fourth consecutive time, Chairman Powell held a press conference. He pointed out that the current monetary policy is in a state of 'moderate tightening'. Given the slight rise in commodity inflation, it is expected to become more apparent this summer. In light of the unclear impact of tariffs, it is necessary to be certain that inflation will decline before interest rates can be lowered. Regarding changes in the dot plot, he stated that no one has complete confidence in the path of interest rates, and more insights related to tariffs will be obtained in the future.