TechFlow news, July 31 — According to Jinshi Data, CITIC Securities' research report stated that the Federal Reserve maintained the policy interest rate unchanged at its July 2025 meeting, in line with market expectations. Powell's remarks did not reveal much about the outlook for a rate adjustment in September. The most notable aspect of this press conference was again the Fed's changing assessment of tariff-driven inflation, with "tariff inflation being one-off" now considered by Powell as the reasonable baseline scenario. Under the assumption that "tariff inflation is one-off," combined with weaker U.S. economic growth compared to last year, a "moderately restrictive" monetary policy should become less restrictive. We maintain our previous view and expect the Federal Reserve to cut rates again at its September meeting.
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