The latest minutes of the Federal Reserve meeting basically confirmed the current attitude of the Fed towards monetary policy, stating that as long as inflation remains high, there will be no interest rate cuts, and that tariffs will be one of the reasons for rising inflation. Unless it is a deterioration of the labor market or a weakening of economic activity (recession expectations), the Fed has no intention of cutting interest rates. The three-month suspension of tariffs this time, postponed until July 10th, has also created great variables for the future. Whether the Federal Reserve will cut interest rates before the implementation of equivalent tariffs will be a test of the market. From my personal perspective, although the 10% tariff is significantly lower than expected on April 2nd, it is still four times higher than the average tariff of 2.5% in 2024. The consequences for inflation and the economy may still be unfavorable, and the 125% tariff on China will also lead to an increase in the prices of some daily necessities in the United States. These results will not be seen until at least June. So I still believe that triggering the Federal Reserve's interest rate cut in June, or even before the fourth quarter, could only be due to an economic (expected) recession, and such a rate cut does not necessarily mean it is risk market friendly. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex