November 24th, CITIC Securities' research report stated that New York Fed President Williams hinted at a further rate cut in December, reversing market rate cut expectations. Currently, the market believes there is a 70% probability of a Fed rate cut in December.The Fed will enter a quiet period starting on November 29th, during which Powell will not have any public speaking engagements or media interviews scheduled. The speech by his "close ally" Williams may be the last time a Fed official speaks to influence market expectations.Continuing from previous views, it is expected that there will be a rate cut in December or a "close call" rate cut of 25 bps. For the market, the reversal of rate cut expectations, combined with the "28-point" plan advancement and news of the Trump administration considering exporting H200 chips to China, macro factors are no longer a source of market pressure in the short term. The market may focus more on issues such as AI companies issuing bonds, cryptocurrency trends, and other matters. (Jinshi)