CICC: The Fed is more aggressive than we expected. Its reaction function has completely shifted from focusing on inflation to focusing on employment. Although Powell denied victory in the fight against inflation at the press conference, he now seems to be focusing only on employment. The Fed has a low tolerance for rising unemployment, and officials do not want to take risks and destroy the bright prospects of a "soft landing". Any unemployment rate above 4.4% in the future may trigger more interest rate cuts. The Fed's interest rate cuts will support demand expansion, and US economic growth may continue to maintain a high growth rate. In the medium term, the US policy combination of "loose fiscal policy and loose monetary policy" may increase inflation risks.