CoinWorld News reports that China International Capital Corporation's research report states that the Federal Reserve kept interest rates unchanged at the April meeting, in line with market expectations. However, four officials voted against the decision, with three opposing the inclusion of dovish language, indicating that the stance of monetary policy is becoming more cautious. The spike in oil prices triggered by the US-Iran conflict, combined with previous tariff effects, has made the inflation environment more complex. Supply shocks have shifted from occasional events to a new normal, implying that policy easing space is being squeezed and the threshold for rate cuts will be raised. This meeting was also the last Federal Reserve policy meeting under Jerome Powell's leadership. His successor, Lael Brainard, signaled a reduction in balance sheet and rate cuts, but due to the collective decision-making mechanism of the committee, it is also difficult to push for rate cuts in the short term. We believe that the likelihood of the Federal Reserve raising interest rates this year is low, but the path to rate cuts will also be longer, with the next cut possibly delayed until the fourth quarter.