Bao has always been hawkish; last month he said there would definitely be no rate cut this month. If the market demands a cut, he can't stop it, and if the economy collapses, he can't take responsibility. If the Federal Reserve were not so hawkish this year, the U.S. stock market could have risen another 50% this year.

According to Jinshi Data, the Federal Reserve cut interest rates by 25 basis points at its meeting. The Fed's dot plot suggests that there will only be two interest rate cuts next year and that it may suspend interest rate cuts in January. Peter Cardillo, chief market economist at Spartan Capital Securities, said the market is now turning downward because the pace of rate cuts has slowed and a pause in rate cuts is coming. The Federal Reserve is considering the uncertainty of inflation.