The Federal Reserve announced the end of its two-day monetary policy meeting on January 29th, local time. The Federal Reserve decided to maintain the target range for the federal funds rate at 4.25%-4.5%, marking the first pause in interest rate cuts since the rate-cutting cycle began in September last year, which is in line with market expectations. At the monetary policy meeting in December last year, Federal Reserve officials projected a significant slowdown in rate cuts in 2025, with a total of 75 basis points cut throughout the year. However, influenced by a series of recent economic and employment data, the market now expects only one rate cut by the Federal Reserve in 2025, or even the possibility of no rate cut.