On June 16, when Kevin Wash was sworn in as the Chairman of the Federal Reserve, Trump advised the new chairman to "stay independent," saying, "Don't look at me, don't look at anyone, just do your job well and excel." However, this request will soon be put to the test. After presiding over his first meeting as Fed Chairman, Wash may have to deliver unwelcome news to Trump—despite Trump's calls for lower borrowing costs, the market expects the Fed to maintain its current stance at this meeting. Bill Adams, Chief U.S. Economist at Comerica Bank, stated that for the Fed to cut rates, they may need to see new negative shocks in the labor market, whether from worsening conflicts in the Middle East or the potential downward risks to employment posed by artificial intelligence becoming a reality. If these situations do not occur, it will be difficult for the Fed to find a reasonable justification for rate cuts in the current environment. Economists noted that robust job growth over the past three months and rising inflation related to the war with Iran have left policymakers with little room to lower rates. In recent weeks, traders have shifted their expectations from rate cuts to potential rate hikes later this year or in early 2027.