📶The Federal Reserve is about to enter a quiet period, with institutions maintaining their expectation for a rate cut in December.

New York Fed President Williams hinted at further rate cuts in December.

Market expectations for a rate cut have reversed.

Currently, the market believes there is a 70% probability that the Federal Reserve will cut rates in December.

The Federal Reserve will enter a quiet period starting on November 29.

Before the quiet period, Powell will not have any public speeches or media interviews scheduled, and his "close ally" Williams' remarks

may be the last statements from a Federal Reserve official to influence market expectations.

CITIC continues its previous viewpoint, expecting that December may be a "close call" for a rate cut

of 25bps. For the market, the reversal of rate cut expectations combined with the "28 points"

plan advancing and news that the Trump administration is considering exporting H200 chips to China

will mean macro factors are no longer a source of pressure for the market in the short term,

and the market may focus more on issues like AI companies issuing bonds and cryptocurrency trends.