At the upcoming interest rate meeting, although the Fed is generally expected to remain on hold, the market will focus on the speech of Fed Chairman Powell.

If the data disclosed in the meeting points to slowing economic growth or sluggish job market, it may intensify the market's expectations of future Fed rate cuts.

If it hints that there may be a rate cut in September, it may push market expectations to the positive. On the contrary, if the meeting conveys that there is little hope for a rate cut in September and it may be postponed to November, then the market may continue the previous wide fluctuation pattern.

CPI data, market expectations for rate cuts, and the timing of the US election, these key data points will have an important impact on market sentiment and are also an important basis for judging whether the market will usher in a turning point.