Federal Reserve Chairman Kevin Warsh said he encourages others to continue participating.

中证500股指期货（IC）主力合约日内涨幅达1.00%，现报8563.0点。

Most institutions expect the Fed to hold at the upcoming meeting and to remove dovish forward guidance; views diverge on timing and direction of the next move. MOODY'S: hold; cuts unlikely short-term, baseline no cut this year; could hike if inflation expectations rise. Nomura: hold; near-term cuts unlikely, possibly unchanged through 2026. JP Morgan: hold; rates to remain unchanged for the rest of the year, policy shifting from easing toward neutral. Wells Fargo: hold; would only hike if clear labour-market overheating or worse inflation. BNY MELLON: hold; statement likely to signal two-way risks and drop 2026 cut expectations; no moves this year. Goldman Sachs: hold; expects removal of easing guidance and two 25bp cuts in Jun and Dec 2027. UBS: hold; expects abandonment of dovish wording and 25bp cuts in Mar and Jun 2027. CITIGROUP: hold; expects three 25bp cuts in Sep, Oct and Dec. Commerzbank: hold; may begin cuts mid-next year, cumulative -75bp by end-2027. Capital Economics: hold but sees high probability of two “insurance” hikes in Dec and early next year. BNP Paribas: hold; little chance of pre-midterm hike, earliest hike in Dec, pace milder than 2022. Deutsche Bank: hold; baseline unchanged long-term but upside risk rising. PGIM: hold; expects three hikes this year, then three cuts in 2027 and one in 2028, terminal rate ~3.375%. Barclays, BofA, ANZ and Mitsubishi UFJ: expect hold and likely deletion of dovish phrasing; BofA may adjust employment wording and ANZ expects reaffirmed 2% inflation commitment. MFS: hold; may signal a neutral stance and consider dropping the dot-plot and reducing press-conference time.