The CITIC Securities Research Report pointed out that the Fed raised interest rates by 25bps in line with expectations. Powell said recent bank crisis could reduce the interest rate hikes. We believe that the Fed will be more cautious in raising interest rates in the future, and whether to raise interest rates in May will be highly dependent on the evolution of risk events, employment and inflation data. Powell said that it is unlikely to cut interest rates. The interest rate of the 10-year US bond may fluctuate widely in the future.