On July 31, here's a look at the highlights of the Fed's July interest rate decision:

FOMC Statement:

1. Voting Ratio: The interest rate decision is likely to pass with a voting ratio of 9-2, with Governors Bowman and Waller expected to vote against it.

2. Wording Comparison: There are expected to be few substantive changes, or simplified expressions of uncertainty about the economic outlook, acknowledging the economic slowdown in the first half of the year.

3. Balance Sheet Reduction: It is highly likely to remain unchanged (reducing holdings of US Treasury bonds by $5.00B and MBS by $35.00B per month).

Powell Press Conference:

1. Interest Rate Outlook: How do you view the "two rate cuts" expectation implied by the June dot plot? Will clues be given about the prospect of a rate cut in September?

2. Economic Data: It is expected to emphasize the importance of data and continue the communication style of data dependence and meeting-by-meeting decisions.

3. Inflation and Tariffs: It may remain cautious and reiterate maintaining price stability; if it emphasizes the upward risk of tariffs on inflation, it may be more hawkish than expected.

4. Term and Independence: Facing frequent pressure from Trump, it is highly likely that he will not make a substantive response, and it is expected that he will reiterate maintaining independence and professionalism during his term. (Golden Ten)