The highlights of the Federal Reserve's July interest rate decision: comparison of FOMC wording, Powell's tenure and Fed independence

On July 31, the highlights of the Federal Reserve's July interest rate decision were as follows:
FOMC statement:
1. Voting ratio: Or by a 9-2 voting ratio, the rate decision will be passed, with governors Bowman and Waller expected to vote against it.
2. Comparison of wording: It is difficult to expect any substantive changes or simplify the expression of uncertainty about the economic outlook, acknowledging the slowdown in economic growth in the first half of the year.
3. Shrinkage scale: high probability remains unchanged (monthly reduction of 5 billion US dollars in US bonds and 35 billion US dollars in MBS).
Powell conference:
1. Interest rate outlook: What about the expectation of "two rate cuts" implied by the June dot plot? Will it give clues to the outlook for interest rate cuts in September?
2. Economic data: Emphasize the importance of data and continue the communication style of relying on data and making decisions on a meeting-by-meeting basis.
3. Inflation and Tariffs: Or be cautious and reaffirm price stability; if you emphasize the upside risk of tariffs to inflation, you may be more hawkish than expected.
4. Term and independence: In the face of Trump's frequent pressure, there is a high probability that he will not make a substantive response, and it is expected to reaffirm his independence and professionalism during his tenure.