Tonight's 25 basis point cut by the Federal Reserve has already been largely digested by the market. Now, everyone's concern is not whether there will be a cut, but how much residual room remains after the cut.

From the signals released by various institutions and voting members, this rate cut is most likely hawkish—what should be cut will be cut, but don't expect further easing afterwards.

There are two key things to watch:

How will the dot plot be adjusted? Almost all analysts believe that the rate cut expectations for 2026 will be lowered, which is the most critical forward-looking signal. As for Powell's tone—whether he continues to be hawkish or suddenly turns dovish—will directly determine the market's next move.

In simple terms, the rate cut itself is no longer in doubt. The real suspense is whether the liquidity gate will remain open after the cut🎭