Sealand FOMC Quick Comment: Holding Steady but Internally Divided, Market Begins Pricing in Fed Policy Lag

English summary

### Sealand FOMC Quick Comment: Holding Steady but Internally Divided, Market Begins Pricing in Fed Policy Lag Time: 2026-07-30 17:15:32 Content: Today, I read a review by the team of Wang Zhifan of Sealand Securities' overseas macro research, and here are the key points: 1. The meeting itself: No action but deep division. As expected, the rate was held steady, but there were 3 dissenting votes, showing a marked increase in internal disagreements. Powell's entire press conference was evasive: verbally emphasizing anti-inflation repeatedly, while leaving room in the inflation measurement caliber; neither explaining the reason for this hold nor providing clear guidance for future policy. The market's final pricing logic: no policy action in the short term, but long-term inflation expectations will rise, and the yield curve will steepen sharply. 2. Impact on major assets - Gold: short-term rebound, with catalysts: no rate hike + Republicans brewing a further raise in the debt ceiling; the deeper logic is that the market begins pricing in "Fed reaction lag, or even policy mistakes," which is actually positive for gold. Remain bullish in the medium term, but a trend reversal still requires waiting for clear easing signals. …