On April 9, the latest minutes of the Federal Reserve's meeting will be released at 2 a.m. Beijing time on Thursday. The minutes record the discussions of the policy meeting from March 19 to 20, when the Federal Reserve maintained the benchmark interest rate in the range of 4.25%-4.50%, and released a policy signal of three interest rate cuts this year, at 25 basis points each time.

However, times have changed, and the market structure has undergone drastic changes. Since Trump threw out his global tariff plan on April 2, U.S. stocks have fallen sharply, and many economists have warned of an economic recession this year. Powell clearly turned to hawkish in his April 4 speech, warning that “we are facing a highly uncertain prospect while also bearing the risk of both unemployment and inflation rising.” The latest futures market data shows that traders have raised their expectations for a rate cut this year to four times.

Although the minutes of this meeting reflect the policy considerations of the "pre-tariff era", they can still reveal the degree of consensus at the Federal Reserve's decision-makers at that time. "At the March meeting, policy makers had significant differences in the forecasts of economic outlook," said Idanna Appio, senior analyst at First Eagle Global Value.

Market analysts will also focus on the discussions on financial stability in the minutes. Since March, credit market vulnerability has intensified and volatility has continued to rise. If the minutes show that the Fed was alert to potential risks in the financial system at that time, investors may need to reassess its policy determination.