Key Takeaways from the Federal Reserve's Monetary Policy Meeting Minutes

1. The Federal Reserve lowered the federal fund rate target range by 25 basis points to between 4.00% and 4.25%, in line with market expectations. 2. The median forecast of the Federal Reserve shows that there will be another 50 basis point rate cut in 2025. 3. Federal Reserve board member Milan opposed the interest rate decision this time, believing that there should be a 50 basis point rate cut. 4. Among the 19 officials of the Federal Reserve, 1 official believes there will be no rate cut in 2025, 6 officials believe there should be a cumulative rate cut of 25 basis points, meaning one rate cut, 2 officials believe there should be a cumulative rate cut of 50 basis points, meaning two rate cuts, and 9 officials believe there should be a cumulative rate cut of 75 basis points, meaning three rate cuts. 1 official believes there should be a significant rate cut of 150 basis points in 2025, suggesting at least two more significant rate cuts within the year. 5. Keeping this year's inflation and unemployment rate forecasts unchanged, while raising economic expectations. The median forecast for inflation at the end of this year remains at 3%, with an unchanged unemployment rate of 4.5%, and an increase in economic growth forecast from 1.4% to 1.6%. 6. After the Federal Reserve decision was announced, the short-term dive of the US Dollar Index (DXY), non-US currencies collectively rose, spot gold increased, breaking $3700 per ounce again, US stocks surged and then retreated, traders increased their bets on the Federal Reserve cutting rates at least once more this year.