The Federal Reserve raised its benchmark interest rate by 25 basis points to a range of 4.75%-5.00%. It was the ninth straight rate hike since last March, and the second time in a row that the pace of rate hikes has slowed to 25 basis points. The Federal Reserve FOMC statement claimed that the U.S. banking industry is sound and resilient, but some events will drag down economic growth. The Fed will continue to reduce its holdings of Treasuries and mortgage-backed securities at the same pace, and further tightening may be appropriate. The market expects the U.S. interest rate hike cycle to be coming to an end, and interest rates may be cut to 4.25%-4.5% before the end of this year to cope with the economic slowdown.