Invesco: The Federal Reserve’s latest decision was technically a “pause,” but essentially sent a hawkish signal.

```htmlGolden Ten Data, July 30th | Zhao Yaoting, Invesco Asia-Pacific Global Market Strategist, stated that while the latest decision by the US Federal Open Market Committee (FOMC) is technically "standing pat," it essentially signals a hawkish stance. The three dissenting votes (favoring an interest rate hike) reflect growing concern among Federal Reserve members about inflation; if elevated price pressures fail to subside, they will consider tightening policy. For global stock markets, keeping rates unchanged avoids immediate market turbulence, but the increased number of hawkish dissenting votes raises expectations that interest rates will remain high for a prolonged period. This may lead to continued high market volatility and limit valuation expansion, especially for overvalued tech stocks. As US 30-year Treasury yields reach a near 19-year high, the institution believes that financial conditions in both the US and globally have actually already tightened. This may curb further increases in interest rates, as the market has effectively taken over the role of tightening monetary policy from the Federal Reserve.```