Fed meeting minutes: The market believes that the overall U.S. economy remains resilient.

BlockBeats news, on August 21, the Fed released the minutes of the July meeting, which mentioned that the recent rise in stock prices and the narrowing of credit spreads indicate that the market believes the overall U.S. economy remains resilient; however, the financial markets seem to have begun differentiating based on the earnings scale and quality of various companies. The valuation of the S&P 500 index continues to be above its long-term average, mainly due to the market’s optimistic expectations regarding the potential benefits that large tech companies could gain from further applications of artificial intelligence (AI). However, despite the rise in valuation of small-cap stock indices during the meeting interval, it still remains below historical average levels. (Jin10)