The current macro trend of the market is basically in line with my expectations. The market quickly shook off the negative impact of the Bank of Japan's rate hike and continued to focus on trading based on expectations of a rate cut in December.

With the release of the services data on Wednesday and the PCE data on Friday, if these continue to increase the probability of a December rate cut being priced in, then risk markets are likely to see a period of sustained rebound.

Next week, the market will enter a cautious phase. As the market locks in expectations for a December rate cut, attention will shift to this month's dot plot and whether Powell’s comments are hawkish, potentially raising the bar for future rate cuts.

However, there is one unstable factor: if Trump confirms the nomination of a new Fed chair, it could disrupt the current macro narrative.

The biggest uncertainty at present is how the market will react after the new chair is nominated—will it be optimistic, expecting future monetary easing, or will there be concerns about the “politicization” of the Fed?