The Federal Reserve is about to enter a quiet period, and institutions maintain their expectations for a rate cut in December

CITIC Securities research report states that New York Fed President Williams hinted at further rate cuts in December, reversing market expectations for rate cuts. Currently, the market believes there is a 70% chance that the Fed will cut rates in December.

The Fed will enter its quiet period starting November 29, during which Powell has no scheduled public speeches or media interviews. Williams' remarks may be the last comments from a Fed official to influence market expectations.

Continuing the previous viewpoint, it is expected that December may be a "close call" for a rate cut of 25bps. For the market, the reversal of rate cut expectations, combined with the advancement of the "28-point" plan and news that the Trump administration is considering exporting H200 chips to China, means that macro factors will no longer be a source of pressure for the market in the short term. The market may focus more on issues such as AI companies issuing bonds and cryptocurrency trends. (Jin Shi)