According to CoinMeta, a research report by CICC states that the Federal Reserve decided to hold its fire at its October meeting. Policymakers' stance against inflation remains firm, but they also believe that policy can be implemented with patience. Some hawkish officials have shifted to a wait-and-see approach, indicating that the urgency for consecutive interest rate hikes has diminished. Since the rate hikes in September, financial conditions in the United States have tightened marginally, and the inflation premium has eased, allowing the Federal Reserve to wait for further evidence of the policy's effects. Looking ahead, CICC expects the Federal Reserve to raise rates again in December, followed by continued observation. This round of rate hikes is more likely to be a moderate, gradual adjustment rather than a radical tightening. In addition, Walsh announced that starting next year, the frequency of rate voting will be reduced, and some meetings will be dedicated to discussing the long-term monetary policy strategy, which continues his efforts to reform the Federal Reserve's policy framework since taking office. For the market, the risk of the Federal Reserve tightening more than expected in the short term has decreased, but in the medium term, a tight monetary stance will still be maintained.