Post-FOMC resolution, focus turns to PCE: FOMC may already have a handle on inflation internally

At a press conference, Fed Chair Waller explained why he had noted that financial markets, in the absence of central bank policy guidance, have already priced in expectations of tighter monetary policy. However, this does not mean the Federal Reserve must follow the pricing actions of traders and investors. Waller said: "What I find reassuring is that between meetings, the market is not adjusting its pricing because of us, but is instead reflecting a tighter financial environment on its own. I think this is a welcome development." He added: "We do not endorse or support any specific market movement, but I would say we will be observing market developments with close attention." (Jinshi)

US President Trump said he will observe whether an agreement can be reached with Iran, adding that Iran has requested the United States not to launch an attack on it. However, Trump also emphasized that the US will take "severe strikes" against Iran when necessary. In addition, he stated that he has been briefed on relevant incidents in Egypt.

According to market data from BIT (bit.com), US-listed storage concept stocks have rebounded. Specific performances include: SanDisk (SNDK) rose 0.89%, Western Digital (WDC) gained 6.29%, Seagate Technology (STX) increased 8.18%, and SK Hynix (SKHY) climbed 3.01%.

Fed Chair Waller said at a press conference that the latest interest rate decision will not be framed as a "pause", and if markets interpret it as such, that is their own judgment. “Today’s decision is just the beginning of the story, not the end,” Waller stated. The Federal Reserve is closely monitoring the impact of various shocks on underlying inflation and assessing whether their scope is expanding, adding that it is currently conducting a rigorous review of economic conditions. He emphasized that the U.S. labor market is performing well, and the Fed is “doing quite well” in achieving full employment, noting that its dual mandate has no conflicts and neither mandate is being overlooked. Regarding the upcoming Jackson Hole Economic Policy Symposium, Waller said he has not yet started preparing his speech, adding that he hopes to discuss major policy topics at the event and will further study relevant issues with his working group ahead of the meeting.

Fed Chair Waller stated at a press conference: "Today's three dissenting votes do not fully reflect the substance of the discussions; the decision we reached was backed by the vast majority. The June core CPI data had little impact on the policy decision. We will communicate with the inflation working group in the coming weeks. We have obtained some encouraging inflation data, which we will closely monitor moving forward. What matters is the inflation trend. We will face important decisions in the period ahead." (Jinshi)

According to Bitget's market data, spot gold has risen above $4,100 per ounce, adding nearly $60 in gains since the interest rate decision was announced.