The Fed raised rates by 25bp as expected. But why did Powell cut rates during his term, while Trump's 'handpicked' Chair Walsh is now raising them instead? The reason lies in the fact that as Trump continues to push for AI infrastructure development, it’s actually working—driving large-scale domestic production and construction, boosting the economy, and improving employment rates. However, the side effects are also obvious. Overheated investment inevitably leads to rising domestic inflation, and the oil issues caused by U.S.-Iran tensions are one of the key factors. In this situation, the Fed has no reason to cut rates. On the other hand, during Powell's term, employment rates were consistently declining. Employment is one of the Fed's two key considerations, so there was justification for cutting rates even with higher inflation levels at the time.