Group 1 - The recent uncertainty in the U.S. economic outlook is driven by the Federal Reserve's unclear policy direction and rising credit risks, leading to a risk-averse market environment [1][10][19] - The Federal Reserve's latest meeting minutes highlighted the complex situation of "rising inflation and unemployment," indicating a cautious approach to interest rate cuts while observing economic developments [1][10][11] - The downgrade of the U.S. sovereign credit rating from AAA to AA has intensified global investor concerns regarding the sustainability of U.S. fiscal policies, prompting a reassessment of the safety of dollar-denominated assets [1][16][19] Group 2 - The Federal Reserve's decision to maintain the federal funds rate target range at 4.25%-4.50% reflects the anxiety over economic uncertainties, with a focus on the dual risks of rising unemployment and inflation [10][11][14] - The Fed's acknowledgment of the structural causes of persistent inflation, such as supply-demand imbalances and labor market tightness, suggests a complex inflation management strategy moving forward [10][11] - Market expectations for interest rate cuts have shifted, with the probability of a rate cut in September reduced to 66.1%, indicating a growing consensus on the need for caution in monetary policy [14] Group 3 - The cautious stance of the Federal Reserve is expected to suppress risk appetite in financial markets, with a notable impact on equities and high-yield bonds, as investors adopt a more conservative outlook [16][19] - The demand for gold as a safe-haven asset is anticipated to rise due to the combination of U.S. credit rating downgrades, geopolitical tensions, and ongoing economic uncertainties, reinforcing its long-term value [16][19] - The overall adjustment in global financial market risk preferences is evident, with traditional risk assets facing significant pressure while gold's appeal as a core hedging asset continues to strengthen [19]