According to Golden Finance, the Guosheng Macro team stated that the Federal Reserve's rate cut of 50bps was slightly larger than market expectations. However, Powell's speech was hawkish, indicating that this rate cut is not a norm. The dot plot shows a further 50bps cut this year, while the market expects 75bps. Combining historical patterns and asset performance after this meeting, this significant rate cut has likely reinforced market concerns about a US recession. It is believed that, considering the time needed to falsify recession expectations and the US presidential election on 11/5, large asset prices may fluctuate significantly in the short term. Subsequent developments should closely monitor whether US data confirms or refutes recession expectations, as well as the progress of the election. (Golden Ten)