On July 29, David Doyle, Head of Economic Research at Macquarie Group, stated that the Federal Reserve will not adjust interest rates at this meeting, but this is the first time this year that the decision appears less clear-cut, with the implied probability of a rate hike from market pricing at around 35%. Powell's wording and the voting situation of committee members will be key. Besides the rate decision itself, the market may also focus on whether any voting members dissented, whether there are changes in the statement wording, and the communication style of Chairman Powell at the press conference. If rates are kept unchanged, dissenting votes are likely, and the number of dissenting votes will depend on the extent to which the statement wording shifts in a hawkish direction. It is still expected that the next policy action will likely be a rate hike, with the most probable timing being December. The description of unemployment in the current statement may become more optimistic. In June, the wording was 'little changed,' but subsequent data showed another slight decline in the unemployment rate. Additionally, the risk of further adjustments to the statement wording is skewed toward a hawkish direction, and a phrase implying a future tightening bias may be added. (Jin10)