This decision reveals a lot of information.

On the surface, there have been three consecutive rate cuts bringing the interest rate down to 3.50%-3.75%, but look at the dot plot—you'll see only 25 basis points of room left in 2026. What does that mean? It means the rate is being cut now to satisfy the market, but the ceiling has already been set.

More importantly, there is a change in language. This time, the phrase "low unemployment" was directly removed, and instead, the emphasis is now on the rising downside risks to employment. What does this shift indicate? The policy stance has quietly shifted from "strictly controlling inflation" to "preventing a collapse in employment."

The most interesting part is the voting result: 9 to 3, but the opposition votes come from three different directions. Some think the rate cuts are not aggressive enough, others believe they shouldn't be cut at all. This divided stance shows that there is no unified judgment within the committee about the economic outlook.

What will happen next in this situation? It is most likely to evolve into a flexible "policy will change according to how the data jumps" approach.