Interest rates remain unchanged: the market enters a "wait-and-see" phase

The latest meeting of the Federal Open Market Committee decided to keep the federal funds rate target range at 3.50%–3.75%, in line with market expectations, with no new policy adjustments.
From the current situation, the market has actually entered a very typical stage:
Policy is no longer "stimulating," but there is no clear shift either, more waiting for data to determine the next direction.
The core variables influencing future trends mainly are two points:
Whether inflation reoccurs due to energy prices (especially the oil price pressure caused by Middle East tensions)
Whether there are signs of cooling in the employment market
This also means that the upcoming months' volatility is likely not driven by policy itself, but by changes in data.
Looking at Hong Kong, the overall monetary environment remains stable, with the Hong Kong dollar interest rate following the U.S. dollar system, but short-term rates will still be affected by local capital flows, seasonal factors, and market activities.
Overall, it now feels more like a "wait-and-see window":
Policy is neither tight nor loose, but market uncertainty about the future is increasing.
A simple way to understand it:
The real risk may not come from rate hikes or cuts, but from the market's repeated fluctuations when there is no clear direction. #WCTC交易王PK #美联储利率不变但内部分歧加剧 #Polymarket每日热点 $BSB $SWARMS