Summary of the Federal Reserve's interest rate decision and Powell's speech: Keeping interest rates unchanged, Powell said he will not cut interest rates without seeing progress in inflation On March 19th, the Federal Reserve FOMC announced: The Federal Reserve announced that it will maintain its target range for the federal funds rate between 3.5% and 3.75% unchanged, marking the second consecutive time it has remained inactive, which is in line with market expectations. The Federal Reserve passed the interest rate decision with an 11-1 vote; Federal Reserve Governor Stephen Millan disagrees and advocates for a rate cut. 3. The Federal Reserve maintains its forecast of cutting interest rates once each in 2026 and 2027. 4. The Federal Reserve's dot plot shows that the median expectations for the end of 2026, 2027, 2028, and long-term federal funds rate are 3.4%, 3.1%, 3.1%, and 3.1%, respectively. 5. The Federal Reserve's FOMC economic outlook shows an upward adjustment of the median expectations for US GDP growth and core PCE inflation at the end of 2026, 2027, and 2028. 6. The Federal Reserve's FOMC statement states that the impact of developments in the Middle East situation is still unclear. Federal Reserve Chairman Powell's speech: The Federal Reserve believes that the current policy stance is appropriate; The Federal Reserve is currently in a favorable position to decide how to adjust interest rates in the future. 2. The US economy is expanding and inflation is still slightly high; In recent weeks, short-term inflation expectations have increased; Most long-term expectations are consistent with the 2% target. If there is no progress in inflation, there will be no interest rate cut. 4. The possibility of the next step or interest rate hike has indeed been mentioned; The vast majority of people do not believe that the benchmark scenario for the next step is to raise interest rates; Unable to provide an answer on the triggering factors for interest rate hikes. 5. Some oil price shocks will be reflected in core inflation; The rise in energy prices will push up overall inflation; It is still too early to determine the comprehensive impact of the Middle East situation on the economy. 6. Consumption and employment will still face certain downward pressure, while inflation will face upward pressure. 7. Data center construction may be driving up inflation; Artificial intelligence investment may push up neutral interest rates in the short term; We have not yet begun to see the impact of artificial intelligence on productivity. 8. Intending to leave the Federal Reserve before the end of the investigation by the Department of Justice; Will serve as interim chairman until the successor is confirmed; It has not been decided how long to stay at the Federal Reserve.