On May 1st (May 2nd early morning Beijing time), the Federal Reserve will announce its May interest rate meeting. It is expected that the Fed will maintain its data-dependent forward guidance, and the timing of interest rate cuts still needs to be observed. In addition, inflation has encountered obstacles in its downward trend, but it is still difficult to determine whether the trend will reverse. Furthermore, it is expected that the Fed will announce a slowdown in the pace of tapering at the May meeting, but the time to stop tapering still needs to be observed and may be done in "multiple steps".