Although the interest rate cut is quite powerful, judging from Powell's attitude at the press conference, he is obviously slowing down and has no intention of solving the problem in a hurry. This also explains why long-term government bond yields rose after news of interest rate cuts came out, indicating that the market is not fully convinced of the future policy path.

Judging from the current economic situation, consumer spending and the housing market can still hold up for the time being, which gives the Fed reason to be cautious when cutting interest rates. Everyone should now understand that this is not a one-sided easing signal, but more of a tentative adjustment.

For the market, now is definitely not a good time to chase bond yields. Always pay attention to the liquidity risk of assets and avoid being trapped when the market is turbulent. After all, uncertainty will only increase in the next few months, especially as we approach the election, and the game between the Fed and the market is far from over.