If inflation exceeds expectations, it is not conducive to further interest rate cuts. The September non-farm data released a few days ago also showed that the economy is very hot, so it is still unfriendly to interest rate cuts. If the interest rate cut is lower than expected, liquidity will be reduced. So it is still relatively bearish.

In addition to the minutes of the Fed's meeting this time, Powell also emphasized that interest rate cuts should be taken slowly. This shows that there is no rush for the subsequent interest rate cuts, so in the days ahead, everyone should maintain a relatively cautious attitude.

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