On June 18th, China International Capital Corporation (CICC) reported that the Federal Reserve's June meeting will maintain interest rates unchanged, which is in line with market expectations. The biggest change in this meeting is the reform. The monetary policy statement significantly simplifies and removes forward guidance, aiming to reduce the Federal Reserve's intervention in the market. More importantly, five working groups will be established, including communication, balance sheet, data, productivity and employment, and inflation framework, to reshape the policy framework from basic principles and lay the institutional groundwork for the conservative and market-oriented policy ideas of Walsh. Among them, the evaluation of the balance sheet ranks second, indicating that shrinking the balance sheet is still the core tendency. In terms of policies within the year, Walsh did not provide clear guidance, and the dot matrix chart clearly turned eagle: the average prediction of a rate hike within the year reflects the stabilization of employment and high inflation, with anti inflation becoming the focus. We maintain the judgment that the Federal Reserve will not raise interest rates or cut interest rates within this year, but suggest that the risk of raising interest rates next year will increase. If the US economy continues to strengthen and experience a comprehensive recovery under the guidance of AI capital expenditures, there is a possibility of monetary tightening.