#美联储降息 Seeing the Fed's recent moves, I want to talk to everyone about mindset issues.

A 25 basis point rate cut was expected, but what’s truly noteworthy is the so-called "hidden QE"—the提前启动 of the $40 billion Treasury reserve management purchase plan, which means liquidity injection is happening sooner than expected. Some people see this news and get excited, thinking the market is about to take off. But I want to remind everyone that this precisely tests our resolve.

Good news often amplifies market sentiment, and at such times, two extremes are most likely to occur: either going all-in on the rally or overreacting and completely avoiding risk. My experience is that a more moderate policy environment does not mean you can ignore risks. Even if we expect two more rate cuts before 2026, that cycle is still quite long.

The key is to stick to your own position management principles. Friendly policies are a plus, but they are not a reason to break your own asset allocation limits. In the long run, the cumulative effect of such positive signals can indeed support the market, but only if your capital structure can withstand volatility. Don’t change your rhythm just because of a piece of good news; the bottom line you need to uphold must still be upheld.