CICC's research report pointed out that the Fed's June meeting remained unchanged, which was in line with market expectations. Officials believe that policy uncertainty has decreased, but they still lowered their growth forecasts and raised their judgment on the inflation path. The dot plot retains the judgment of two interest rate cuts this year, but the details have become marginally "hawkish", showing the cautious view within the Fed. Powell remains cautious about inflation risks and said that no one has strong confidence in the interest rate path he wrote. We believe that the Fed has no intention of rushing to cut interest rates, and decision makers will not act rashly in the face of inflation if the economy allows waiting. We maintain our previous view that the Fed's next interest rate cut may be in the fourth quarter.