The Federal Reserve is about to enter a period of silence as the agency maintains its expectations for a December rate cut

CITIC Securities Research Report said that New York Federal Reserve President Williams hinted at further interest rate cuts in December, and the market's interest rate cut expectations reversed. At present, the market believes that the Federal Reserve has a 70% probability of cutting interest rates in December. The Federal Reserve will enter a quiet period on November 29. Before the quiet period, Powell has no schedule for public speeches or media interviews. The speech of his "close ally" Williams may be the last Fed official to affect market expectations. Continuing the previous view, it is expected that there will be a "close call" interest rate cut in December, with a range of 25bps. For the market, interest rate cuts are expected to reverse the superposition of the "28-point" plan and the news that the Trump administration is considering exporting H200 chips to China. Macro factors will no longer be a source of market pressure in the short term, and the market will focus more on issues such as AI companies' bond issuance and cryptocurrency trends. (Jin Ten)