On Monday, the market was truly watching not only the situation in the Middle East, but also this week's Federal Reserve interest rate meeting. At present, oil prices are still high, and geopolitical risks have raised concerns about inflation. This round of oil price shock coincides with the Federal Reserve meeting. The market was originally looking forward to further interest rate cuts this year, but now the bigger concern has become whether inflation will recur once oil prices rise, and whether Powell will continue to let go? The Federal Reserve will hold its interest rate meeting on March 17-18 this week. At the January meeting, it had just kept interest rates unchanged at 3.50% to 3.75% and emphasized the need to decide on subsequent actions based on data, prospects, and risks. By this week, Powell was facing a more complex environment. On one hand, the escalating situation in the Middle East has brought about a sense of risk aversion. On one hand, high oil prices are suppressing inflation and slowing down loose expectations. The most difficult environment for the market is the combination of high oil prices and high interest rates. Overvalued growth stocks, financing sensitive companies, and enterprises without pricing power often face greater pressure. Another data that the Federal Reserve is concerned about is that the US CPI in February increased by 0.3% month on month and 2.4% year-on-year, with the core CPI rising by 2.5% year-on-year. Looking at this set of data alone, inflation is still in a slow cooling channel, but the biggest problem is that this data has not fully reflected the new pressure brought by the recent surge in oil prices. Almost no one is expecting the Federal Reserve to cut interest rates this week, and traders are more inclined to believe that there will only be one rate cut left this year at most. Some funds have even started betting on not lowering for the whole year, and because of the no rate cut, CRCL's stock price has soared to over $120 。