Interest rate hikes and cuts are tools; the real decision on liquidity lies in whether to expand or shrink the balance sheet. When interest rate hikes or cuts are actually implemented, they may have counterproductive effects; instead, it is the expectation of rate cuts that will truly influence the direction. For example, from the beginning of the year to now, every time there is a turning point in the market, expectations of rate cuts always emerge. Buy the expectation, sell the realization. Whether it is an expectation or realization, it means that Friday will become a watershed moment, and attention should be closely paid to Powell's related dynamics on rate cuts. #美联储取消创新活动监管计划