According to CoinMeta, as reported by Xinhuo Research Institute, on July 29th, the Federal Reserve maintained the federal funds rate at 3.50%–3.75% with a vote of 9 to 3. After the meeting, market expectations for a rate hike in September dropped from nearly 80% to around 65%, and risk assets such as Bitcoin regained some of their losses in the short term. Xinhuo Research Institute believes that energy prices and geopolitical conflicts remain the main risk factors affecting inflation and interest rate trends in the second half of the year. In terms of trading data, Xinhuo Group's over-the-counter trading in July saw a total trading volume increase of 257% compared to June, with the trading volume in the week before and after the FOMC meeting increasing by about 79% compared to the same period in June.