Huatai Securities: The Federal Reserve will maintain interest rates unchanged before September, and the probability of a rate hike by the end of December is close to 50%. According to a research report by Jinshi Data on June 18th, Huatai Securities announced the decision of the Federal Reserve's June interest rate meeting in the early morning of June 18th Beijing time, with the policy rate remaining at 3.5% -3.75%. The dot plot indicates that a precautionary rate hike may be possible in 2026; At the press conference, Walsh's statements on forward guidance and the operation of the Federal Reserve were similar to before, and he announced the establishment of five working groups, including monetary policy communication, to fulfill his commitment to reforming the Federal Reserve. Looking ahead, Huatai Securities maintains its previous judgment that the Federal Reserve will keep interest rates unchanged until September, and the probability of a rate hike in December at the end of the year is close to 50%. By the end of next year, there may be a total of two rate hikes.