[Summary of the key points of the Federal Reserve’s interest rate resolution and Warsh’s press conference: The Federal Reserve raised interest rates for the first time in three years, the dot plot shows an increasing hawkish tendency, and Warsh reiterated that U.S. inflation remains high] 1. Interest rates/policies ①The Federal Reserve raised interest rates by 25 basis points, raising the benchmark interest rate to 3.75%-4.00%; this was the first interest rate increase since July 2023. ②The median of the Fed’s dot plot shows that there will be one more interest rate increase in 2026. ③ A new round of interest rate forecasts released by the Federal Reserve on Wednesday showed that officials' median forecast for interest rates at the end of 2026 was raised from 3.8% to 4.1%, suggesting that more members have joined the ranks of supporting interest rate increases. 16 policymakers expect to raise interest rates at least once this year, up from 6 in June. ④Wash stated that he does not intend to provide forward guidance and will not predict any future decisions. ⑤Wash said that the Federal Reserve decided to cancel part of its easing policy. 2. Inflation ① FOMC economic expectations show that the median PCE inflation expectations from 2026 to 2028 are 3.7%, 2.3%, and 2.1% respectively. ②The median forecast of the Federal Reserve shows that the inflation rate will return to the 2% target in 2029. ③Wash said that U.S. inflation remains high. ④Wash said that the Fed’s main focus is inflation; inflation is too high and has lasted for too long. ⑤Wash said that the FOMC is not convinced that inflation is moving towards the target level. ⑥Wash said he has seen little information to suggest that inflation trends are passing the test. ⑦Wash said that commodity prices in too many categories have increased by more than 3% in both six-month and 12-month cycles. 3. U.S. Economy ① The FOMC statement showed that economic activity is expanding steadily; productivity growth is strong and capital investment is solid. ② FOMC economic forecasts show that the median GDP growth expectations from 2026 to 2028 are 2.3%, 2.4%, and 2.2% respectively. ③Wash said that the U.S. economy appears to be strengthening. ④Wash said that a wide range of data points to a strengthening economy. 4. Financial Market ①The Federal Reserve raised the reserve interest rate to 3.9% and the discount rate to 4%. ②Wash said that U.S. credit flows have been strong and financial conditions are not restrictive. ③Wash said there are three reasons for the rise in bond yields. The first is a strong economy. The second reason is competition for capital; the surge in capital spending is real. The third is geopolitics. 5. Other aspects ①Wash said that the Federal Reserve is very concerned about developments in the field of artificial intelligence. ②Wash said that decisions about the risks and benefits of AI safety issues should be made by other policymakers. ③Wash declined to comment on the policies of the European Central Bank and other central banks. ④Wash said he had nothing to say about the discussion with Trump.