The Federal Reserve held interest rates steady for the second consecutive time, with Powell issuing hawkish signals, significantly delaying expectations of a rate cut. At dawn on March 19th, Beijing time, the Federal Reserve announced it would maintain interest rates unchanged, marking the second consecutive meeting without a rate cut. Fed Chairman Jerome Powell subsequently issued a hawkish statement at the press conference. Powell stated that U.S. inflation remains stubborn and the outlook is increasingly uncertain. He specifically pointed out that some of the oil shock will gradually be reflected in core inflation data, and the Fed will not cut rates if there is no substantial progress in inflation control. He also mentioned that several Fed officials are inclined to reduce the number of future rate cuts. Regarding his term of office, Powell stated that if a successor has not been confirmed by the end of his term as Fed Chairman, he will continue to serve as "interim chairman" to fulfill his duties. This hawkish statement significantly cooled market expectations for a rate cut. According to the Fedwatch tool, the next rate cut may not occur until the end of 2026. Recently, futures market traders have predicted that the Fed will only cut rates by 25 basis points by the end of this year. #FedInterimFedRateDecisionAnnounced