The market eagerly awaits Warsh's debut; the interest rate decision and his press conference remarks will be the focus of attention.

According to Mars Finance, the first interest rate decision by the new Federal Reserve Chairman Kevin Warsh will be announced at 2:00 AM Beijing time on June 18th, followed by a press conference at 2:30 AM. The market widely expects the Fed to maintain the federal funds rate at 3.50%-3.75%. In recent days, US stocks have maintained their strength, driven by the technology and cyclical sectors. The Dow Jones Industrial Average hit a new high, the S&P 500 remained resilient overall, and while the Nasdaq experienced volatility due to profit-taking in AI, chip, and software stocks, no systemic risk signals emerged. Goldman Sachs' trading desk stated that the semiconductor and AI infrastructure sectors have been largely flat this week after recent volatility, with investors still favoring "opportunistic entry." AI trading remains the most crowded and controversial theme in the market. SpaceX's continued rise after its IPO has strengthened market expectations for next-generation AI infrastructure; storage, optical modules, CPOs, power equipment, and the data center supply chain also continue to benefit from expectations of increased capital expenditure by cloud vendors. However, some investors are beginning to warn that AI bottleneck trading has already accumulated significant gains, and further fundamental performance is needed to drive it. On the geopolitical front, the market is also digesting more positive signals. Optimistic expectations surrounding US-Iran contact and the prospects for passage through the Strait of Hormuz have pushed down the risk premium for crude oil; Trump's recent continued urging of a ceasefire between Russia and Ukraine has cooled safe-haven trading. Oil prices have retreated from their previous highs, easing investor concerns about renewed inflation. Crypto assets have also benefited from the recovery in risk appetite. Bitcoin and Ethereum have both rebounded recently, which the market sees as an extension of improved liquidity expectations and a recovery in speculative sentiment. Ethereum has recovered its resilience after previous pressure, while Bitcoin remains one of the core assets for observing macroeconomic risk appetite. Against this backdrop, Warsh's debut is crucial in the short term. The market generally expects the Federal Reserve to maintain interest rates, but investors are more concerned about the wording of the statement and the tone of the press conference: if Warsh downplays guidance on rate cuts and emphasizes inflation risks, it may suppress high-valuation technology and AI trading; if it releases a dovish signal, the recent rebound in risk assets may gain new reasons for continuation.