The summary of this press conference:

Firstly, it must be acknowledged that Waller and Powell have differences in expression. With my ability, I can barely translate the straightforward parts, but once many technical terms are used, it becomes very tiring. By the time the last few questions and answers came up, I was already losing pace; indeed, my English level is still too poor 😂.

From the overall answers, it doesn’t quite resemble previous expectations. Waller did not express a dovish attitude, but on the matter of interest rate hikes, Waller spoke quite firmly, stating that the Fed has not currently considered raising rates as an option, which might be the most dovish content today.

Additionally, today’s focus is on reforms for the Fed, proposing the establishment of five new working groups to attract capable outsiders to assist with the Fed's decision-making.

Furthermore, Waller hopes to tone down the dot plot, believing it might give the market an illusion that is not necessarily correct, and does not want the dot plot to be seen as a commitment from the Fed. He wants to reduce the market's reliance on forward guidance and shift the focus back to deciding based on data.

From my personal perspective, today seems to lean more towards neutrality and is not overly intense. The only guiding remark is, “Among the 19 people present, no one feels that we need to tighten policy today.” This implies that there is no expectation of an interest rate hike in the short term.

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