The Federal Reserve Chairman recently revealed several key signals during the press conference.

He reviewed that during the decade-long economic expansion before the pandemic, most new jobs were concentrated in low-income sectors. When asked by a reporter about the sluggish real estate market—whether the rate cut this time could boost the housing sector—his answer was quite straightforward: the challenges facing real estate are very deep. Housing supply was already tight, and during the pandemic, those who rushed to lock in mortgages with ultra-low interest rates, combined with a significant slowdown in new home construction over the past few years, have deepened the supply-demand imbalance. But he emphasized one point—solving the housing problem is not the Fed’s job.

Another reporter shifted the topic to inflation. With service sector inflation easing, will there be more rate cuts in the future? The Fed Chair’s stance was cautious: current inflation pressures mainly stem from tariff policies, which push up the prices of goods, resembling a one-time shock rather than persistent pressure. As for further rate cuts? Internal discussions suggest the likelihood is low.

These few sentences carry a lot of information. Expectations of rate cuts are cooling down, inflation attribution is clear, and the housing issue is being pushed onto policy levels—how should the market interpret these signals? Take a moment to consider.