The Federal Reserve's December interest rate meeting is about to be held, and the market wind has changed subtly.

Kevin Hassett, director of the White House National Economic Council, the favorite for the next Fed chairman, recently publicly expressed his support for continuing to cut interest rates. This signal is intriguing, because not long ago, many institutions were discussing the possibility of "pausing interest rate cuts".

The timeline is clear: Tuesday and Wednesday are the Fed's interest rate meetings, and the results will be announced at 3 a.m. Beijing time on Thursday. The latest employment data is not good, and the probability of a further 25 basis point cut has soared to 89.6% (CME data).

What's even more interesting is that Wall Street's collective "faces" - JPMorgan Chase and Morgan Stanley - big banks quickly revised their previous forecast reports, from "possible pause" to "high probability of interest rate cuts". This unified direction operation somewhat indicates that some consensus is being formed behind it.

For the currency circle, every move of the Fed is worth watching. Rate cuts mean improved liquidity expectations, which has historically been a positive sign for risk assets. Of course, the specific impact depends on what the policy statement says after the meeting.