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Group 1: Federal Reserve Decisions - The Federal Reserve decided to maintain the benchmark interest rate unchanged, keeping the federal funds rate target range at 4.25% to 4.5%, marking the fifth consecutive meeting without a change since January [2][4] - There was a notable internal division within the Federal Reserve, with two members voting against the decision to keep rates unchanged, advocating for an immediate rate cut, which is the first occurrence of multiple dissenting votes since 1993 [2][5] - Following the announcement, U.S. stock indices experienced a significant drop, with the Dow Jones Industrial Average falling by 0.38% and the S&P 500 decreasing by 0.12% [2] Group 2: Economic Outlook - Federal Reserve Chairman Jerome Powell indicated that no decisions have been made regarding the September meeting, emphasizing the need to evaluate the latest economic data and trade policy impacts, particularly concerning tariffs and inflation [4][5] - Powell noted that while there is uncertainty, the U.S. economy remains generally robust, with a low unemployment rate and a labor market close to full employment [7] - Recent data suggests a slowdown in U.S. economic activity, primarily due to reduced consumer spending, although business investments in equipment and intangible assets have increased compared to last year [7] Group 3: Inflation and Market Reactions - Powell stated that inflation has significantly decreased since mid-2022 but remains slightly above the long-term target of 2%, with the overall personal consumption expenditures (PCE) price rising by 2.5% over the past 12 months [7][8] - The market's expectations for a rate cut in September diminished after Powell's remarks, with the probability of a 25 basis point cut dropping from 64% to 46% [5] - Gold prices fell over 1.5% in response to the Federal Reserve's interest rate decision and Powell's comments [9] Group 4: Corporate Performance - Microsoft reported better-than-expected earnings and revenue, with Q4 revenue increasing by 18% year-over-year to $64.7 billion, marking the fastest growth in over three years [12] - The company's net profit rose from $22.04 billion to $27.23 billion year-over-year, and Azure revenue grew by 39%, exceeding analyst expectations [12] - Following the earnings report, Microsoft's market capitalization surpassed $4 trillion, making it the second company to achieve this milestone after Nvidia [10][12]