The Fed's May meeting was on hold, in line with market expectations. The monetary policy statement noted that the risks of rising unemployment and higher inflation have both increased, suggesting that the policy environment is at risk of "stagflation", but the Fed is not in a hurry to act as the current economic data remains solid. The Fed will not cut interest rates in the short term, especially not preemptively, and the path of future rate cuts will depend on tariff negotiations: if the negotiations do not make substantial progress and tariffs remain high, the Fed may be forced to start a "recession-style" rate cut, or 100 basis points by the end of the year: but if the negotiations reach an effective outcome and tariffs are reduced, the Fed may postpone a rate cut until December, and the rate cut will be more modest. #BTC# #ETH# #GT# #SOL#