The trend has not reversed. The Fed's third interest rate cut itself is a positive sign, but Powell's comments on next year's interest rate cuts are somewhat pessimistic, suggesting there may only be two rate hikes next year. However, whether there will be two rate hikes or multiple hikes is not for Powell to decide; it ultimately depends on changes in the inflation rate. The market is sensitive, and overinterpreting this statement as negative will take two days to digest. Once the mid-sized indicators are repaired, they will rise as they should.

Japan did not raise interest rates today, essentially postponing it until after March next year. The view on the medium-term trend remains unchanged, expecting no deep adjustments from December to March.