There is a new saying on Wall Street now: the Federal Reserve is neither hawkish nor dovish, but rather 'duckish'.

For the market, valuations have already squeezed out some bubbles, and the expected interest rate cuts are quite low. As long as policy uncertainty can be reduced (for example, by saying less), it can support a rebound. However, if tariffs escalate significantly in April, risks and volatility will still be present. So currently, the market is temporarily stabilizing but is also having a hard time moving up, and is waiting.