The blue line (interest rate kept unchanged) stayed ahead throughout, closing on July 27 at the highest level; the black line (rate hike of 25 basis points) only rose slightly in the later period; the green line (rate hikes of 50 basis points or more) remained close to the bottom throughout, with no market reaction. In the Federal Reserve’s July meeting, the rate was kept unchanged, and all expectations of a rate hike were dashed.