[Federal Reserve Meeting Minutes: Market Believes the Overall U.S. Economy Remains Resilient] BlockBeats News, August 21 – The Federal Reserve released the minutes of its July meeting, which mentioned that the recent rise in stock prices and narrowing credit spreads indicate that the market believes the overall U.S. economy remains resilient. However, financial markets appear to have started differentiating companies based on their earnings scale and quality. The valuation of the S&P 500 Index continues to exceed its long-term average level, primarily driven by the market's optimistic expectations regarding the potential benefits large tech companies could gain from further applications of artificial intelligence (AI). Meanwhile, although the valuation of small-cap indices has risen during the interval between meetings, it remains below historical average levels. (Jin10)