The FOMC meeting in the early morning decided to keep the interest rate unchanged, which was in line with expectations. What deserves more attention is Powell's speech. Powell always only talks about three points, and he also has to knock on the good news. Powell is most concerned about inflation and the labor market. Inflation looks good according to the last data, and the labor market data will be released tomorrow night. The short-term trend will be affected. The possibility of affecting the September rate cut is relatively small.