Interest rates stay put: the market enters a “wait-for-data” phase

The latest meeting of the Federal Open Market Committee decided to keep the target range for the federal funds rate at 3.50%–3.75%, in line with market expectations, with no new policy changes.
From the current situation, the market has actually already entered a very typical stage:
Policy is no longer “stimulative,” but there is also no clear shift; instead, it’s mostly waiting for data to determine the next direction.
The key variables that will influence the trajectory going forward mainly come down to two points:
Whether inflation will flare up again due to energy prices (especially the oil-price pressure brought about by the situation in the Middle East)
Whether the job market shows signs of cooling
This also means that the volatility over the next few months is likely not driven by policy itself, but by changes in the data.
Looking at Hong Kong, the monetary environment overall remains stable; Hong Kong dollar interest rates track the U.S. dollar framework, but short-term rates will still be affected by local capital flows, seasonal factors, and activity in the capital markets.
Overall, it feels more like a “watching-and-waiting window”:
Policy is neither tight nor loose, but uncertainty in the market about the future is increasing. #WCTC交易王PK #美国寻求战略比特币储备 #比特币ETF期权持仓限额增4倍 $BSB $MEGA