This week's Federal Reserve meeting actually has no suspense—there's basically no chance of a rate cut. But the key is that this meeting is likely to be an important turning point this year, as there are signs of inflation rising again.

In simple terms, three key points:

First, interest rates are highly likely to remain unchanged;

Second, economic expectations may be downgraded, but inflation expectations will be revised upward, and internal disagreements over the rate cut path will increase, which is a pressure on the market itself;

Third, Powell is highly unlikely to "dove" but may be more hawkish than the market expects.

Not cutting rates is not important; what matters is whether it is "more hawkish" or "more dovish."

This week, we need to focus on volatility; the market may not be stable.