The Federal Reserve has appropriately lowered the benchmark interest rate by 25 basis points to 3.50%-3.75%, marking the third rate cut of the year, with a cumulative reduction of 75 basis points. This was originally good news for risk assets, but the dot plot indicates only one rate cut expectation in 2026 (far below the market's previous expectation of multiple cuts). Powell emphasized in his speech that 'we can wait and observe economic developments,' which is interpreted as signaling the end of accommodative policies.