#美联储维持利率不变 After the interest rate hike cycle, the "preventive rate cut" has temporarily come to a halt, and the policy has shifted to a "data-dependent" mode.

In Beijing time on January 29, the Federal Reserve announced that it would maintain the federal funds rate target range at 3.50%-3.75%. This decision aligns with market expectations and marks a pause in the consecutive three rate cuts since September 2025.

📊 Key points of the meeting

· Rate Decision: The interest rate remains unchanged, with a voting result of 10:2. Two governors appointed by President Trump (Waller and Mester) voted against, advocating for a 25 basis point rate cut.

· Economic Assessment: The description of economic activity in the statement was raised from "moderate" to "robust" expansion. It also noted that "the unemployment rate has shown some signs of stability."

· Policy Stance: Federal Reserve Chairman Powell emphasized that future policy adjustments "have no predetermined path" and will depend entirely on economic data. The statement removed previous references to "increased risks of job downturns."

· Focus: Inflation is clearly identified as the current primary concern, with the statement stating it "remains slightly elevated."

💎 Market Impact and Outlook

This decision is interpreted by the market as a slightly "hawkish" signal. The interest rate futures market indicates that traders believe there is about a 60% chance of a rate cut at the Fed's June meeting. Powell has rarely publicly defended the independence of the central bank during his term (which will end in May 2026), calling it the "cornerstone of modern democratic systems," reflecting the political pressure faced by current monetary policy.

Do you think the Fed's "pause" is to observe the effects of the previous rate cuts, or does it mean that this round of easing is nearing its end? $BTC $DXY