According to CoinMeta, as reported by ZeroHedge, Federal Reserve official Warsh emphasized that there is no “soft inflation target” and that high inflation over more than five years cannot be resolved by just nine weeks of good data, and that the Fed “will not waver.” Despite three members leaning towards immediate interest rate hikes, FOMC once again chose not to take action. Warsh pointed out that since June, both nominal and real Treasury yields have risen significantly, suggesting that reducing forward guidance allows the market to respond more directly to data, thereby achieving a certain degree of tightening. However, there is still uncertainty regarding the ultimate judgment on inflation by Warsh. It is confirmed that PCE remains the benchmark related to the 2% target, but it is not yet certain whether this standard will be maintained after the strategic review in January. Initial market reactions show that 30-year Treasury yields fell, stocks and the dollar weakened, and investors may interpret this combination as a challenge to the credibility or clarity of the policy framework.