This morning many people are asking whether the bull market has ended. The bull is still here. The trend has not reversed. The Federal Reserve's third interest rate cut is inherently a positive sign; it's just that Powell's comments on next year's rate cuts have a hawkish tone, suggesting there may only be two rate hikes next year. That said, whether there are two hikes or multiple hikes is not solely up to Powell; it ultimately depends on changes in the inflation rate. The market is sensitive, and interpreting this statement excessively as negative will take a couple of days to digest. Once the small and medium indicators are fully repaired, they will rise as they should.

Japan is not raising interest rates today, essentially postponing it until after March next year. The mid-term trend maintains the view that there will be no deep adjustments from December to March.