The Federal Reserve ended a two-day meeting to keep the target range for the federal funds rate unchanged at 5.25% to 5.5%, and kept the rate at the same level for seven consecutive meetings, in line with market expectations. And a dot plot showing the future trend of interest rates shows that Federal Reserve officials expect only one interest rate cut this year, by 0.25%, which is two times lower than the forecast in March. Before the Federal Reserve announced its interest rate decision, data showed that U.S. inflation slowed to 3.3% in May; core inflation also slowed to 3.4%, the lowest since April 2021. Federal Reserve Chairperson Jerome Powell said that the authorities regard this inflation data as progress in the fight against inflation, but it is still not enough to give the authorities confidence to start easing monetary policy. Due to the stagnation of inflation progress in the first quarter, the timing of interest rate cuts has been delayed, stressing that the Fed is not suitable to cut interest rates until there is more confidence that inflation will continue to fall towards 2%, and will make a decision on interest rates at a meeting.