At 2 a.m. Beijing time on May 8, the US Fed maintained the federal funds rate target range at 4.25%—4.5%, marking the third consecutive policy meeting without a rate adjustment. The US Fed noted that the US economy had expanded steadily, with the unemployment rate remaining low and stable, yet inflation remained high. The economic outlook faced heightened uncertainty, with increased risks of both rising unemployment and inflation. Following aggressive rate hikes in March 2022, monetary policy shifted to a wait-and-see approach in 2024 amid easing inflation and economic growth pressures. Current US economic data showed a QoQ decline in Q1 GDP, weakening consumption, uncertain inflation trends, and potential pressures in the labour market. The US Fed faced a dilemma: maintaining high interest rates to curb inflation could hinder the economy, while cutting rates might trigger a rebound in inflation. Following the announcement, traders anticipated a rate cut by the US Fed in July and three rate cuts this year. The Fed's decisions have broad implications for global financial markets, with subsequent monetary policy dependent on economic data, requiring a balance between economic growth and inflation.