[Guosheng Macro: The Fed's sharp interest rate cut may strengthen the market's recession expectations] Golden Finance reported that the Guosheng Macro team said that the Fed's 50bp rate cut was slightly higher than market expectations, but Powell's speech was hawkish, saying that the rate cut was not normal. The dot plot shows another 50bp cut this year, and the market expects another 75bp cut this year. Combining historical rules and asset performance after this meeting, this sharp rate cut should have strengthened the market's concerns about the US economic recession; I tend to believe that considering that it takes time to disprove the recession expectations and the US election will be held on November 5, the prices of major asset classes may fluctuate greatly in the short term. We need to keep a close eye on whether the US data can confirm or disprove the recession expectations, and we also need to keep a close eye on the progress of the election. (Jinshi)