#美联储联邦公开市场委员会决议 The market seems to have digested this round of real signals—an additional 25 basis points cut on the surface, pushing the interest rate range to 3.5%-3.75%. However, major institutions in the industry have long signaled that the room for subsequent easing policies is not so ample, and the pace will be much slower than expected. This means that risk assets are facing a continuous process of re-pricing in the short term, with volatility and fluctuations becoming the norm. Market sentiment has shifted from outright optimism to a more rational wait-and-see approach—every step requires adjusting expectations on the go. Under this pattern, investors need to prepare psychologically for long-term holding.