As expected, interest rates have not changed. The key is the dot matrix pattern. Indeed, Walsh did not submit his own dot matrix. Out of the 19 committee members, there were only 17 dots, so it is expected that Walsh did not submit it. From the display, it appears that the current dot matrix is more compressed, and the expectation of a rate cut in 2026 has been cancelled. Trump should be disappointed, but from the current trend, it is normal. In addition, there is still September. If inflation can really decline, there should be a chance to make a new bitmap in September, and even cut interest rates in the fourth quarter. After all, the fourth quarter is the midterm election. However, the expectation of a rate cut in 2027 has been retained, and this data is the same as in March, indicating that the Federal Reserve still believes that inflation will decrease by 2027. Of course, this is still a bit early, but the 2026 data may disappoint the market. Next, let's take a look at Walsh's speech. From the current trend, both the S&P and Nasdaq have experienced slight declines after the release of the dot matrix chart, and the market's expectations are slightly pessimistic. It depends on Walsh's words to boost the market. I personally estimate that Walsh is likely to be neutral and slightly dovish, and can stabilize the market slightly. I don't know if my expectations are correct. See you at the 2:30 press conference.