The most important thing in the June FOMC minutes is not that interest rates have not changed. The interest rate range is expected to remain between 3.50% and 3.75%, which has long been anticipated in the market. What is truly worth watching is the change in attitude within the Federal Reserve. Previously, the market was concerned about: When will the interest rate be cut? The feeling given by the minutes now is more like: Don't worry, inflation hasn't really been resolved yet. The biggest change this time is the resurgence of inflation concerns. The core PCE inflation forecast for 2026 has been raised to 3.3%. This indicates that the Federal Reserve does not believe that inflation will naturally return to 2%. What's more troublesome is that inflationary pressures don't just come from traditional energy and tariffs. AI is also becoming an inflation variable. The construction of data centers, semiconductor equipment, servers, electricity, and energy supply are all driving up costs. Previously, when people talked about AI, they only talked about growth and valuation. Now the Federal Reserve is starting to see AI as a potential factor that could push up prices. This is quite interesting. 3/There is also a clear division within the Federal Reserve. Some people believe that inflation is still high and there may be a need to raise interest rates in the future. Some people also believe that the economy will slow down and should be maintained or even cut interest rates in the future. Currently, both sides are splitting at 9:9 internally. This indicates that the Federal Reserve currently does not have a particularly clear consensus. The market is not most afraid of hawks. The market is most afraid of uncertain policy paths. Because once the Federal Reserve itself is highly divided, every subsequent CPI, PCE, and non farm payroll data will be amplified and interpreted by the market. 4/There is another crucial detail: The style of policy statements has become shorter and harder. Previously, the Federal Reserve liked to give the market a lot of forward guidance. Now it seems more like: We do not make prior commitments. We look at the data. We prioritize suppressing inflation. This may not be market friendly. Because in the past few years, asset prices have become accustomed to the Federal Reserve's "early appeasement". But now if the Federal Reserve reduces guidance, the market can only guess for itself. Guessing a rate cut. Guessing a rate hike. Guess the inflation path. Guess the turning point of employment. The fluctuations will naturally increase. For the US stock market, the meaning of this summary is very direct. If inflationary pressures continue to rise, interest rate cuts will be suppressed. Growth stocks, AI stocks, and semiconductors are all more sensitive to short-term valuations. Because the biggest fear of these assets is not that the story is not good enough. But the discount rate is going up again. Especially now that AI is no longer just a growth story, it has also begun to be included in the Federal Reserve's inflation discussions. This means that the market will be more picky in the future: Can AI make money? Has CapEx received any returns? Will the cost of electricity and chips continue to push up prices? So I think the real signal released by the FOMC minutes this time is: The Federal Reserve no longer wants the market to easily bet on interest rate cuts. Before inflation returns to the target, policies will not turn dovish too quickly. The focus of future market trading will return to three things: Inflation. obtain employment. The cost changes brought by AI. This summary is not telling the market that 'interest rates have not changed'. But rather reminding the market: Interest rate cuts are not the main line, inflation is the main line. AI is no longer just a growth story, it is becoming a macro variable.