Macroeconomic Indicators and Analysis: The Federal Reserve remains on hold, the Bank of Japan raises interest rates, and the Swiss National Bank cuts interest rates.

According to Wu Shuo, last week the Federal Reserve continued to remain on hold as scheduled, with expectations of three interest rate cuts this year unchanged, and Powell's attitude was dovish. The Bank of Japan raised interest rates, raising the benchmark interest rate from -0.1% to 0-0.1%. This was the first time the Bank of Japan raised interest rates since 2007, and the eight-year era of negative interest rates officially ended. The Swiss National Bank unexpectedly announced a 25 basis point interest rate cut, lowering the benchmark interest rate from 1.75% to 1.5%. Next week, focus will be on the core PCE price index, the Fed’s most important inflation indicator, as well as speeches by officials such as Powell.