最新报道：Background information: Fed Chairman Powell's term will end in May 2026, and the market is paying attention to his policy direction in the coming months. The ongoing conflict in the Middle East has led to a drop in the US stock market and Bitcoin prices, and investors are paying attention to the upcoming Federal Open Market Committee (FOMC) meeting and its interest rate decision. Main events: The Fed is expected to keep interest rates unchanged, and may do so again in July. If the Middle East conflict causes oil prices to continue to rise, the timetable for rate cuts may be postponed. The FOMC will release an updated summary of economic forecasts, including expectations for interest rates, unemployment, GDP, and personal consumption expenditures (PCE) at the end of 2025. In March, most members expected interest rates to be 3.75%-4% at the end of 2025, and the current interest rate is 4.25%-4.5%, which means there may be two 25 basis point rate cuts before the end of the year. Impact and significance: Powell may not be re-elected, and the next eight FOMC meetings will determine his policy legacy. The market expects that interest rates may be cut during his term, but historically, outgoing chairmen usually adopt hawkish policies in their last year. Powell may adopt a "high maintenance" strategy and postpone rate cuts. Investors are advised to pay attention to Powell's press conference for clearer policy direction.