The debut rate remains unchanged as expected, with a reform twist—policy statement simplified, forward guidance removed, and dot plot withheld. Three measures aimed at reshaping Fed communication. Maintains the view of no rate hikes or cuts this year, but the dot plot has turned noticeably hawkish. Market interpretation has shifted from a rate-cut cycle to a neutral two-way stance. U.S. stocks are starting to turn downward. Moving forward, it will be more data-dependent. If AI strengthens the economy, monetary tightening might follow, so July data will be quite important. $BTC