In the early morning of June 19th, Beijing time, the Federal Open Market Committee (FOMC) of the Federal Reserve announced that it would maintain the federal funds rate at 4.25%-4.50%. This is the fifth consecutive suspension of interest rate hikes since December 2024, which is in line with market expectations. The resolution statement pointed out that the US economic activity is "soundly expanding" and the unemployment rate "remains low", but at the same time emphasized that inflation is "still slightly high" and mentioned for the first time that "net export fluctuations affect the data", suggesting that the Federal Reserve is vigilant about the transmission effect of tariff policies and external risks.

In the early morning of March 20, the Federal Reserve announced that it would maintain the benchmark interest rate unchanged at 4.25%-4.5%, and hinted that it might cut interest rates twice this year. This decision was in line with market expectations, but the economic forecast released after the meeting and Powell's statement still caused market fluctuations.

In March 2025, the Federal Reserve faces a complex economic environment: the year-on-year growth rate of the U.S. CPI fell to 2.8% in February, and the core CPI fell to 3.1%, indicating that inflationary pressure has eased; non-farm employment increased by 151,000, the unemployment rate rose to 4.1%, and the labor market cooled marginally.