PANews reported on September 19 that QCP Capital pointed out in its latest report that the Federal Reserve announced a 50 basis point rate cut last night and plans to cut interest rates twice more this year and four more times in 2025. Powell was vague about the scale and speed of subsequent rate cuts, and all eyes will be on the upcoming labor data for signs. The US 2-year/10-year Treasury bond spread, an indicator of recession, has been inverted since July 2022, but has recently risen to +8bps, reflecting market optimism and rising risk appetite. The S&P 500 tried to hit a new high, but closed down after the FOMC meeting. In the options market, implied volatility fell sharply after the FOMC meeting, with BTC falling 19 volatility points and ETH falling 18 volatility points. After the FOMC, BTC rose from $59,000 to $62,000, and the ETH price was about $2,400. Expect volatility to surge as we approach Election Day, which is after the next FOMC meeting.