Svmuu News HSBC stated that the Federal Reserve once again kept its policy rate unchanged at the March meeting, remaining at 3.50%-3.75%, and hinted at adopting a "wait-and-see" approach. Persistent inflation and rising geopolitical risks have introduced uncertainty for the Fed. We maintain our previous view that the Fed will keep interest rates unchanged in 2026 and 2027. Inflation risks have increased somewhat, particularly due to surging energy prices, while labor market risks have slightly decreased. Energy price volatility and geopolitical risks should continue to support safe-haven demand and a stronger US dollar. (Jin10)