According to ChainCatcher, Glen Capelo, managing director of fixed income at Mischler Financial Group, said that a 25 basis point rate cut by the Fed is likely to lead to a sell-off in U.S. Treasuries, but this will also largely depend on Powell's press conference. Michael Rosen, executive partner and chief investment officer of Angeles Investments, believes that the current bond market is pricing the Fed's rate cut pace too aggressively. The market expects the Fed to cut interest rates by 250 basis points next year, a rate that is only possible in the event of an economic recession. Therefore, he believes that the decline in short-term U.S. Treasury yields will be lower than market expectations, and long-term yields may even rise from now on. (Jinshi)