ChainCatcher reports that the Guosheng Macro team states that the Fed's 50bp rate cut was slightly larger than expected by the market, but Powell's remarks were hawkish, stating that this rate cut was not a standard. The dot plot shows another 50bp cut this year, while the market expects a 75bp cut. Combining historical patterns and asset performance after this meeting, this substantial rate cut likely intensified market concerns about a U.S. recession. We tend to believe that, considering that time is needed to falsify recession expectations, and the U.S. election is on November 5th, major asset prices may experience significant volatility in the short term. We need to closely monitor whether various U.S. data can confirm or falsify recession expectations, as well as the progress of the election. (JinShi)