Recently, Jon Maier, Chief Investment Officer of Global X ETFs, stated that in the recently released policy statement, the Federal Reserve emphasized the need for "greater confidence in inflation staying persistently low," taking a more hawkish tone. This statement seems to reveal the real situation in the market - the market believed that there would be a rate cut in March, but in fact, that prediction was too hasty, as it appears that the Federal Reserve's preparations are not yet complete. Therefore, we can expect the market to reassess the timing of the Federal Reserve's rate cut, which will likely extend the timeline originally estimated. Jon Maier pointed out that the Federal Reserve's policy statement explicitly mentioned that they would only consider lowering the target range when they have more confidence in achieving their 2% inflation target consistently. This stance reflects the Federal Reserve's cautious approach to some extent, indicating that while a rate cut is on the horizon, it is not just around the corner. According to the wage report from the human resources services company ADP, both the labor market and wages are currently showing signs of weakness. Private sector employment increased by 107,000 in January, indicating some expansion in the labor market, but the number fell below market expectations.