Some analysts believe that it is not surprising that Bao took an ambiguous attitude.

Bao's message today seems to be that the Fed can "slowly" cut interest rates given the strong labor market. He did not elaborate on the timing of the rate cut. After all, a lot of data will be released before the July and September meetings, so today's attitude is not surprising.

Bao, the Fed's chairman, said that inflation may return to 2% by the end of next year or the year after. He pointed out that the Fed's policy is still restrictive and appropriate.

[The three major U.S. stock indexes opened lower collectively] The Dow fell 0.19%, the Nasdaq fell 0.42%, and the S&P 500 fell 0.29%.

The crypto market was tired, with Bitcoin at $629,620, down 0.8%, and Ethereum at $3,434.58, down 1.31%.