On the 10th local time, after a two-day monetary policy meeting, the US Federal Reserve announced that it would lower the federal funds rate target range by 25 basis points to between 3.50% and 3.75%. Also attracting market attention is the Federal Reserve's announcement of plans to expand its balance sheet starting this month. In terms of specific action, the Federal Reserve said it will buy 40 billion US dollars of short-term US Treasury bonds over the next 30 days starting this Friday local time, and it is expected that the purchase scale will remain high for the next few months, then gradually decrease. Some analysts interpret this move as a “hidden” way to lower interest rates. Within the Federal Reserve, hawks generally pay more attention to inflation and tend to maintain high interest rates; while dovish are more concerned about supporting the labor market and want to lower interest rates. The market's focus is now on the Fed's next policy trend. Although the bitmap shows that the Fed predicts that it will only cut interest rates once next year, which is the same as the forecast three months ago, the market is betting that the Fed will drop even more next year. According to CME federal interest rate futures, the market believes that the probability that the Fed will cut interest rates twice or more in 2026 is about 68%. Other analysts, interpreting the economic outlook forecast announced by the Federal Reserve, believe that the current Federal Reserve may be turning dovish.

On the 10th local time, after a two-day monetary policy meeting, the US Federal Reserve announced that it would lower the federal funds rate target range by 25 basis points to between 3.50% and 3.75%. Also attracting market attention is the Federal Reserve's announcement of plans to expand its balance sheet starting this month. In terms of specific action, the Federal Reserve said it will buy 40 billion US dollars of short-term US Treasury bonds over the next 30 days starting this Friday local time, and it is expected that the purchase scale will remain high for the next few months, then gradually decrease. Some analysts interpret this move as a “hidden” way to lower interest rates. Within the Federal Reserve, hawks generally pay more attention to inflation and tend to maintain high interest rates; while dovish are more concerned about supporting the labor market and want to lower interest rates. The market's focus is now on the Fed's next policy trend. Although the bitmap shows that the Fed predicts that it will only cut interest rates once next year, which is the same as the forecast three months ago, the market is betting that the Fed will drop even more next year. According to CME federal interest rate futures, the market believes that the probability that the Fed will cut interest rates twice or more in 2026 is about 68%. Other analysts, interpreting the economic outlook forecast announced by the Federal Reserve, believe that the current Federal Reserve may be turning dovish.