The Federal Reserve at its interest rate decision meeting in July decided to keep the target range for the federal funds rate unchanged at 5.25%-5.5%. Powell stated at the press conference that inflationary pressures have eased somewhat but remain too high, and future policy will depend on data. These statements, combining hawkish and dovish tones, have caused disagreements in the market regarding the possibility of a rate cut in September, reflecting the difficult decision-making position of the Fed. Powell emphasized that despite the slowing economy, the labor market remains tight, and upward pressure on wages has not eased. At the same time, he believes that the inflation situation shows some positive signs, but price growth still significantly exceeds the target of 2%. In the future, the pace of interest rate hikes will be adjusted based on economic data, with neither a too aggressive approach that could lead to a hard landing of the economy nor a too soft one that could lead to a resurgence of uncontrolled inflation. Analysts note that the Federal Reserve is in a difficult position. On one hand, continued interest rate hikes could lead to a recession; on the other hand, if it transitions to easing too early, it could result in a resurgence of inflation. Powell's remarks reflect the Federal Reserve's desire to find a balance between curbing inflation and preventing a hard landing of the economy. However, achieving this balance is challenging, and in the future, monetary policy will remain under significant uncertainty.