Global macro strategist Duncan Balsbaugh stated that we expect Chairman Powell to explain during the press conference following the decision that the "recalibration" of interest rate cuts has concluded. This indicates that the practice of automatically lowering rates at each meeting to reduce the levels of real interest rate limits has ended. This highlights uncertainty, which will lead to a more neutral to accommodative stance, depending on the data. Regarding the numerous questions that may arise from the Trump Trade, as well as topics of tariffs and tax inflation, we believe Powell will reiterate that the FOMC will only respond after actual administrative actions or legislation, rather than executing policy actions before any changes have occurred.