Tonight's interest rate meeting, a 25 basis point cut should be a certainty. The more critical timing point is mid-next year—Old Powell's term will come to an end, and the new president will arrange for their own people to take over. What does this mean? The path of rate cuts in the second half of the year is likely to continue.

Under this macro environment, it is worth observing whether the market can truly break the old four-year cycle rule, as some big shots mentioned, and directly enter a sustained upward trend. When market sentiment and policy resonate, unexpected movements often occur.