The reason why the Federal Reserve is not cutting interest rates is relatively simple—— The Federal Reserve does not necessarily have to confront Wang Zhiwang, but its core decision-making is based on inflation and unemployment data, which does not support the decision to cut interest rates. The future policy direction only depends on one thing: tariff negotiations 1. If negotiations collapse → inflation rises+consumption shrinks → forced to cut interest rates in a "recessionary" manner 2. If the agreement is reached → inflationary pressure still persists → interest rate cuts postponed to December or later Regardless of the path, it means one thing for the market: The interest rate cut will eventually come, it's just a matter of time and cost. Image from: Jin Shi