The Federal Reserve has announced that the target range for the federal funds rate will remain unchanged at 5.25% to 5.5%, in line with market expectations. Since the Federal Reserve initiated its interest rate hike cycle in March last year, the cumulative rate hike has reached 525 basis points. During this period, the single rate hike gradually increased from 25 basis points to 75 basis points, and there were four consecutive rate hikes at the 75 basis point level, reaching the fastest rate hike in nearly 40 years. In February of this year, the Federal Reserve slowed down its interest rate hikes for the first time to 25 basis points and suspended rate hikes in June. It then raised rates by 25 basis points in July and suspended rate hikes in September and November.