Tomorrow's "hawkish rate cut", barring any surprises, is likely to be fully absorbed by the market around November 16, 2025.

After all, this monetary policy meeting is happening in a unique environment of government shutdown and data vacuum; the market has already priced it in. The only thing left to watch is whether Chairman Powell will throw out any unexpected remarks in his speech.

The real highlight is actually next week.

It's a big data week, which is key to determining the direction of the market.