#美联储降息预期与政策变化 Looking back at history, changes in Federal Reserve policy have always affected market sentiment. The current debate over whether there will be a rate cut in December reminds me of the days following the 2008 financial crisis. At that time, the market was also anxiously awaiting every economic report, and analysts were competing to predict the Fed’s next move. Now, the Beige Book has once again become a key indicator. Although short-term rate traders are busy because of this, in the long run, the policy guidance in January may be more important. With the Thanksgiving holiday approaching and market liquidity dropping sharply, extra caution is needed under these circumstances. From past experience, staying calm and analyzing all factors thoroughly at such critical moments is the key to making rational judgments. After all, each policy adjustment by the Fed can trigger a chain reaction and impact the global economic landscape.