Huatai Securities Research Report pointed out that in the early morning of May 2 (Thursday), Beijing time, the Federal Reserve will announce the May interest rate meeting, and it is expected that the Federal Reserve will maintain data-dependent forward-looking guidance, the timing of interest rate cuts still needs to be observed, and inflation has encountered twists and turns, but it is still difficult to determine the trend reversal, etc. In addition, the Fed is expected to announce a slowdown in the pace of balance sheet reduction (taper) at its May meeting, but it remains to be seen when the balance sheet reduction will be stopped, and it may also be divided into "longest steps".