A brief summary of the main content of the Federal Reserve's meeting this time:

1. The interest rate remains unchanged at 4.25%-4.50%, as expected;
2. The released dot plot shows that two interest rate cuts are expected in 2025 (the same as the expectation for two cuts last December).
3. The Federal Reserve will begin to slow the pace of balance sheet reduction on April 1, but will not stop;
Overall, there are not many favorable factors, and there are no increased possibilities for interest rate cuts. The balance sheet reduction is only slowing down, but it still continues to reduce (slightly favorable).
Interest rates may be cut in June, which is like distant water that cannot quench immediate thirst. However, interest rates are still very high, and the balance sheet reduction is still ongoing, so the market continues to lack liquidity in the short term.
The conclusion is: the market is only experiencing a rebound now, not a reversal, and all subsequent rebounds are just to drop even harder!