1. The Fed announced a 25 basis point rate cut, in line with market expectations, and only two rate cuts are expected next year.

2. The Fed significantly raised the median of the future policy interest rate target range, while raising inflation expectations for next year and the year after.

3. Powell said that the US economy is strong, the labor market is cooling but still solid, and inflation is close to the 2% target.

4. The average monthly increase in non-farm employment in the past three months was 173,000, and the unemployment rate in November was 4.2%, which is at a low level.

5. The Fed has lowered the policy rate by 100 basis points from its peak, and the policy stance is obviously less tight.

6. PCE inflation is expected to be 2.4% this year and 2.5% next year, higher than the September forecast, and will then fall to the 2% target.

7. The Fed hinted that it will slow down or suspend the pace of rate cuts, and future policy adjustments will be more cautious.

8. The federal funds rate is expected to be 3.9% at the end of next year and 3.4% at the end of 2026, higher than the September forecast.

9. The Federal Reserve will decide the extent and timing of future interest rate cuts based on economic data, changes in the outlook, and the balance of risks.