Key insights:

• Federal funds rate remains at 525-550 basis points。
• Fed not ready to start rate-cutting cycle until it sees continued decline in inflation。
• Powell wants to see good inflation data continue ahead of rate cut。

Fed releases FOMC statement on January 31。Central bank decision to leave federal funds rate unchanged, in line with analyst consensus。The Fed noted that inflation has eased over the past year, but remains at a high level.。The Fed noted: "The Committee expects that unless greater confidence is gained that inflation is continuing to move towards the 2% target, lowering the target range will not be appropriate.。"

In his press conference, Powell stressed the importance of greater confidence that inflation is indeed heading towards the 2 percent target.。

The Fed doesn't want to see slower economic growth or a weak labor market and continues to focus on inflation data.。According to Powell, the Fed wants to see good inflation data continue。Powell said the main risk is that inflation could stabilize above the Fed's 2 percent target。

The Fed chairman also noted that it is too early to say that the U.S. economy has achieved a soft landing and that there is still a lot of work to be done.。Overall, Powell doesn't have a hawkish stance, but it remains to be seen whether the market is willing to make a big bet on a rate cut after his press conference.。

Dollar index fluctuates between ups and downs as traders react to Powell's remarks。U.S. Treasury yields are falling as traders bet the Fed will start cutting rates soon。Gold prices are also fluctuating and traders are monitoring the dynamics of the dollar。S & P 500 falls back to 4860 level。Sell-off in leading tech stocks continues to weigh on major indices。