The Federal Open Market Committee of the Federal Reserve will announce the interest rate decision tomorrow morning in Hong Kong time. Prudential's Chief US Economist Blerina Uruci said that the Fed's policy rate may remain unchanged at 5.25-5.5%. The bank expects that the dot plot will show two rate cuts in 2024. This is in line with market expectations, as it is widely believed that most FOMC members, including Chairman Powell, want to leave room for the decision at the September meeting. If the economy remains strong and inflation continues, the market may exclude the possibility of a rate cut in September due to changes in data. However, Blerina Uruci said that due to the robust US labor market, the bank believes that the changes in the dot plot are unpredictable and there is a "hawkish" risk, such as possibly showing only one rate cut. If the Consumer Price Index unexpectedly rises, it will further increase the possibility of a hawkish policy. Blerina Uruci will also observe the distribution and main trends of the dot plot, which may reflect a significant divergence in the number of rate cuts this year by the FOMC committee, implying a highly uncertain monetary policy outlook. Blerina Uruci pointed out that since the FOMC meeting in May, job vacancies and labor mobility surveys have shown further cooling in the labor market, while employment numbers have been strong compared to April. In addition, wage inflation has slightly accelerated. Various GDP indicators also show that second-quarter economic growth could be higher than the first quarter's 1.3%. Due to mixed economic data, the future monetary policy is more uncertain, especially whether the monetary policy is tight enough and whether the Fed has room to cut rates this year.