Summary of Organization's Comments on the Federal Reserve's Decision

1. Bob Michele of Morgan Asset Management stated that in the face of markets entering a panic due to rising oil prices and increased geopolitical risks from the Iran war, the Federal Reserve has sent a signal not to worry. The economy is experiencing some short-term inflation shocks, which could actually help accelerate growth, leaving many "stunned" by the Fed's decision. 2. Torsten Slok, Chief Economist of Apollo Global Management, stated that while the Federal Reserve has voted to maintain interest rates, they have chosen to "completely ignore" the Middle East crisis facing the market; for this crisis to seriously impact the Fed's economic model, the duration would have to be at least one quarter; and the Fed has clearly stated that they do not believe this crisis will last too long. 3. "Fed Messenger" Nick Timiraos reported that Fed Chairman Powell stated that if his successor is not confirmed by the end of his term on May 15, he will continue to serve as Fed Chairman. Powell's decision has a significant impact on Trump's ability to reshape the Fed's structure. If Powell continues to stay on the board, Trump will lose one candidate he could have personally appointed. 4. Chief Market Strategist at MAI Capital Management, Grisanti: "The Fed statement has convinced me that the Fed is remaining vigilant. Furthermore, today's statement leads me to believe that the view that rising oil prices mean the Fed will become more hawkish is incorrect. I believe the Fed is more concerned about the negative impact of oil price fluctuations on the economy, and may lean towards adopting an accommodative policy. The situation here is diverse, and the results are often the opposite. Therefore, I have re-evaluated my research and decided to continue with prudent investments - just like the Fed is doing. It's already too late to buy into energy or defense stocks now. I believe it is best to avoid investing in these stocks at the moment."