Recently, the latest article by Nick Timiraos, the "Voice of the Fed" has attracted widespread attention in the market. He pointed out that in the debate over whether and when the Fed will cut interest rates, there is another important debate: in the long term, where will interest rates go? The key question here is the neutral interest rate, which is the rate that balances savings and demand while ensuring economic growth and stable inflation. In the current economic environment, some believe that the neutral interest rate has reasons to rise, which could impact the policy decisions of the Fed. This article will delve into the concept of neutral interest rates, influencing factors, and their impact on the long-term trend of the U.S. economy.