#美联储降息25个基点 The Fed has started to enter a rate-cutting cycle, with the first round of 25 basis points already implemented. The good news is that it provides a favourable liquidity environment for the macro market, including the virtual money market, in the medium to long term. From the perspective of liquidity narrative, the future still shows a bullish trend. However, after the policy announcement, be aware of the short-term pullback of "buy the expectation, sell the fact," as well as the emergence of pessimistic sentiment after the fully priced-in good news.