Changes in Interest Rate Cut Expectations: From 'When to Cut' to 'How Much' Just as the market cheers for trade progress, another game quietly unfolds: the Federal Reserve's interest rate cut timetable has once again become the focus. Goldman Sachs has pushed back its expectations for a Fed rate cut to December, while Citigroup has adjusted its forecast from June to July. The 'dovish cooling' from these two major investment banks suggests that the market's urgent expectations for rate cuts may need to be revised. Behind this shift is the recent volatility in U.S. inflation data and the resilience of the labor market. The market needs to accept a reality— the rate cut cycle may start later, but once initiated, the magnitude could exceed expectations. This logic of 'short pain for long benefit' is reshaping the allocation strategy of funds towards risk assets. $BTC