Key points of the Federal Reserve's decision on March 18, 2026: 1/The Federal Reserve suspends interest rate cuts for the second consecutive meeting, shifting policy focus from rhythm adjustment to path stability 2/The dot plot shows that it is expected to only cut interest rates once in 2026, and another rate cut will be made in 2027, significantly prolonging the cycle of rate cuts 3/Raise PCE inflation forecast for 2026 to 2.7%, reflecting stronger inflation stickiness than previously judged 4/The Federal Reserve emphasizes that the uncertainty brought by the situation in the Middle East is still present, affecting the inflation path through energy and supply chains 5/Director Miran voted against and advocated for a rate cut, indicating a marginal divergence within the organization 6/The interest rate resolution was passed 11-1, and the overall stance remains cautious influence: The policy tone has shifted towards maintaining high interest rates for a longer period of time, and the key is not to pause, but to anchor the high range of interest rate paths for an extended period of time 2/The upward revision of inflation forecasts means that real interest rates are difficult to fall quickly, and the room for easing is constrained by structural factors Geopolitics disrupts inflation and growth through energy prices and supply side disruptions, making it difficult for policies to form a clear short-term direction 4/Internal disagreements are still in the early stages and are not sufficient to change the overall policy direction. The probability of proactive interest rate cuts is still low 5/Asset pricing center shifts upward, valuation expansion logic is under pressure, cash flow and certainty become core pricing anchors again 6/USD gains medium-term support, global liquidity marginal return, putting pressure on emerging market exchange rates and capital flows Trading and Configuration: 1/The repricing of the interest rate path has not been completed yet, and the short end is anchored by policies, with limited downward space, making it more suitable to capture opportunities for upward returns in expected corrections 2/The US Treasury curve maintains high volatility, with the long end reflecting more inflation and fiscal expectations, and volatility becoming a key variable 3/The equity market will continue to differentiate internally, with the core not in style labels, but in differences in duration and cash flow certainty 4/Energy and commodities have temporary opportunities under inflationary pressures and geopolitical risks, but price fluctuations are significantly amplified The pattern of 5/US dollar strength continues, forming a systematic suppression of non US assets, and emerging markets are facing tightening financing conditions and capital outflow pressure 6/Gold is simultaneously suppressed by real interest rates and supported by tail risk, resulting in a logical split that is more suitable for interval and volatility trading Key judgment: In the current environment, interest rate cuts will exhibit intermittent and conditional triggering characteristics, rather than continuous easing cycles Interest rates are no longer rapidly declining, and volatility itself has become the main trend. Asset pricing has shifted from valuation driven to cash flow and certainty driven @MSX_CN, as a US stock token trading platform, can directly participate in Nvidia's US stock token trading, allowing high-quality assets to circulate http://(msx.com)/? code=Hl6B41