The trend has not reversed. The Federal Reserve's third rate cut itself is a positive sign, but Powell's comments on next year's rate cut expectations were somewhat negative, suggesting that there may only be two rate hikes next year. That said, whether there are two hikes or multiple hikes is not up to Powell; it ultimately depends on changes in the inflation rate. The market is sensitive, and overinterpreting this statement as bearish will take a couple of days to digest. Once the small and medium indicators are repaired, the market will rise as it should.

Japan did not raise interest rates today, effectively postponing it until after March next year. The medium-term trend maintains the view that there will be no deep adjustments from December to March.