According to CoinMeta, based on early data on in, the probability of the Federal Reserve keeping interest rates unchanged until September is 63.8%, the probability of a total interest rate hike of 25 basis points is 36.2%. The probability of keeping interest rates unchanged until October is 51.8%, with a total hike of 25 basis points, and the probability of a total hike of 50 basis points is 6.8%. Market expectations for the Fed to maintain stable interest rates in the short term are dominant, reflecting that current monetary policy has entered an observation period. The pricing of interest rate paths shows a cautious attitude towards the balance between inflation and economic growth, and expectations of interest rate hikes have not completely faded. This pricing structure dampens market fantasies about aggressive interest rate cuts and reinforces the policy tone of a long-term high-interest-rate environment. Investors are adjusting their asset allocations according to the probability distribution of interest rates to cope with the liquidity pressures brought about by the Fed's continued tightening stance.