Sudden occurrence in the early morning, interest rate cut and expansion of balance sheet! Global assets rise across the board! The last dance of Federal Reserve Chairman Powell! At 03:00 Beijing time on Thursday, the Federal Open Market Committee of the Federal Reserve released the latest interest rate decision, announcing a cut of 25 basis points, bringing the federal funds rate target range down to 3.50%-3.75%. This is also the third consecutive meeting where the Federal Reserve announced a rate cut, and it is the last rate cut of 2025, bringing the total rate cut for the year to 75 basis points. Not only is there a rate cut, but also the initiation of 'technical balance sheet expansion'! The Federal Reserve also announced after the meeting that it will start expanding its balance sheet this month, purchasing $40 billion in short-term government bonds, with the purchase scale expected to remain high for several months before significantly reducing. This rate cut fully meets market expectations and reflects the Federal Reserve's compromise and surrender. When the first rate cut occurred in October this year, Chairman Powell stated, 'This rate cut is a daring decision,' and emphasized, 'From now on, this is a new phase, and we will take a cautious approach to further rate cuts.' From the results, the various economic data in the U.S. after October did not show significant improvement (due to the shutdown, no related data was released), but considering other data dimensions, employment and inflation may have shown a trend of becoming worse. However, pressured by Trump's repeated dangers, the Federal Reserve still cut rates twice in November and December, totaling 50 basis points. In fact, this rate cut has caused significant internal rifts within the Federal Reserve. The voting results of the Federal Open Market Committee were 9 votes in favor and 3 votes against. This is the first time since 2019 that there has been a situation of 'three dissenters' in an FOMC meeting, with dissenters positioned at both ends. Two Federal Reserve officials believe that rates should not be cut, while the board member Milan, appointed by Trump in September, argues that rates should be cut by 50 basis points at once. With the dust settling on the third consecutive rate cut and Powell's term nearing its end, the market's focus has shifted to how much more rate-cutting space the Federal Reserve has left. In the post-meeting statement, the Federal Reserve quietly adjusted its wording: the October statement was, 'When considering whether to further adjust interest rates...' This statement has been changed to: 'When considering the magnitude and timing...' This means that the committee no longer defaults to 'continue to cut,' but has returned to 'whether to continue, how much to cut, and when to cut are still uncertain.' Federal Reserve Chairman Powell stated at the press conference: Current policies have done enough to support employment while continuing to suppress inflation. A person who is about to be kicked out, their words no longer hold any reference significance. We look at the much-anticipated 'dot plot,' where decision-makers expect only one more rate cut in 2026, and another cut in 2027, after which rates will return to a long-term level of 3%. Internal views are extremely divided: 7 officials believe that there should be no further cuts in 2026, while 8 officials believe that at least 2 cuts are needed in 2026. No clear majority. Nevertheless, after the rate cut news was announced, all three major U.S. stock indexes closed higher, with the Dow rising 497.46 points, an increase of 1.05%; the Nasdaq rose 0.33%; the S&P 500 index rose 0.68%. Chinese assets strengthened, with the Nasdaq Golden Dragon China Index rising 0.65%. Precious metals also saw slight increases, with spot gold rising 0.46% to $4227.37 per ounce, and COMEX gold futures rising 0.50% to $4257.20 per ounce. Spot silver rose 1.83% to $61.7854 per ounce, briefly hitting a historical high; COMEX copper futures rose 1.64%. WTI crude oil futures rose 0.36%, to $58.46 per barrel. Brent crude oil futures rose by 1%, to $62.58 per barrel. Bitcoin briefly returned to $93,000, and Ethereum rose to $3,400. U.S. Treasury yields collectively fell, with the 2-year Treasury yield down 7.24 basis points to 3.538%, the 5-year Treasury yield down 5.59 basis points to 3.731%, the 10-year Treasury yield down 3.51 basis points to 4.149%, and the 30-year Treasury yield down 2.01 basis points to 4.787%. Most importantly, the U.S. dollar index also saw a considerable drop. The dollar has cut rates three times in total, totaling 75 basis points, while domestically this year, there has only been one rate cut, which was also just 10 basis points. Do you think the LPR will be lowered on the 20th of this month? In the important meeting just held, it was mentioned that 'moderately loose monetary policy' will be implemented immediately under the Federal Reserve's continuous rate cuts or after the New Year?