Xinhua News Agency, April 28, Citic Securities pointed out that US consumer spending grew faster than expected, but the decline in private inventory led to a sharp slowdown in US economic growth in the first quarter. The US economy remained resilient in the first quarter of this year, but the headwind of the future credit crunch may lead to a decline in private investment and a weak labor market, and the United States is more likely to enter a recession in the second half of this year. While the Fed can still focus on inflation in the short term, credit contraction and the risk of recession are expected to gradually become important factors in monetary policy making in the medium to long term. As a result, the Fed has a higher probability of stopping raising interest rates after May, and does not rule out the possibility of cutting interest rates this year.