The interest rate cut is an important turning point. Before the rate cut, there was no sense of urgency, and investors generally believed that they could continue to gain returns in the risk market. As the rate cut approached, investors began to have a psychological change of "catching the last train". Therefore, the closer the rate cut was, the less expected price increase was seen, but liquidity continued to decline. However, by the time the rate cut was officially announced, the funds that should be withdrawn had already been withdrawn, and the remaining funds were more determined. If the US economy did not experience a major recession, as the rate cut continued, the liquidity situation would gradually improve, driving the market to gradually recover.