Just now, the Federal Reserve released the minutes of its March meeting, which focused on responding to Powell's "policy framework adjustment" mentioned last time. The meeting minutes showed that the attending members reiterated the unshakable long-term inflation target of 2% and emphasized the crucial importance of anchored inflation expectations in maintaining price stability and promoting employment. In the past, when interest rates approached the lower bound of zero interest rates (ELB), the Federal Reserve adopted the Average Inflation Target (AIT), which allows inflation to remain above 2% for a period of time to compensate for the long-term underperformance of the target. However, in the current environment of high inflation and high uncertainty, most members believe that the effectiveness of this strategy has greatly weakened and tend to return to the traditional "flexible inflation targeting" (FIT). Simply put, flexible inflation targeting is the approach currently used by most central banks, which refers to the central bank setting a clear inflation target (such as 2%), but not insisting on hitting it precisely every moment. Instead, it allows inflation to fluctuate within a certain range and flexibly adjusts monetary policy in conjunction with factors such as economic growth and employment. To put it simply, the central bank can tolerate inflation below or above 2% in the short term, as long as it can roughly return to the target in the medium term. However, this does not mean that there has been a significant change in the current policy path. The real significance is how the central bank should fine tune its policy pace after inflation approaches 2%, so its impact on the current market is very limited. I personally think the other content is not very meaningful because it is based on March, so I did not list them one by one. The main content has been placed in the mind map. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex