According to Jinshi, a research report by CITIC Securities pointed out that the Federal Reserve will maintain the target range of the federal funds rate at 5.25%-5.5% at its May 2024 interest rate meeting. The statement of this meeting has undergone major changes, announcing that the reduction of the balance sheet will slow down in June. Powell's speech was generally neutral and dovish, pointing out that the Fed's next move is unlikely to be a rate hike. CITIC Securities believes that before the US unemployment rate rises above 4%, the Fed's policy focus will still be inflation, and it is expected that there will still be the possibility of a rate cut this year. The first rate cut will still require "walking and watching" inflation data. The reserve size of 3 trillion US dollars may be the threshold for stopping this round of balance sheet reduction. In the short term, it is expected that the US dollar index and US bond interest rates will remain volatile, and US stocks may continue to fluctuate and run weakly.