Many people are asking this morning whether the bull market is over. The bull is still here. The trend has not reversed. The Fed's third rate cut is inherently positive, but Powell has spoken too hawkishly about next year's rate cuts, suggesting there may only be two 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 over-interpretation of this statement as negative will take a couple of days to digest; mid to small-level indicators will recover, and the way they rise will remain unchanged.

Japan is not raising interest rates today and has basically postponed it until after March next year. The view that there will be no deep adjustments from December to March remains unchanged.