On December 18th, Eastern Time, the Federal Reserve lowered the federal funds rate target Range to 4.25%-4.5%. Everbright released a research report stating that the Federal Reserve cut rates as expected by 25bp, but raised next year's inflation and economic forecasts, narrowing the rate cut space for next year from 100bp to 50bp, which basically aligns with the market's previous expectations. However, Powell expressed hawkish views, indicating that the point of slowing or pausing rate cuts is "close to or has been reached." Coupled with the Trump administration soon officially taking office, the "re-inflation" pressure brought by the new policy is gradually turning from expectation into reality, leading the market to focus again on trading for a slowdown in rate cuts—yields on US Treasuries rose, and stock and Gold prices plummeted. However, considering that current consumer spending is gradually cooling, and the most stubborn housing inflation has loosened, along with the fact that Trump's policies will not be "fully revealed" but rather gradually promoted, the risk of "re-inflation" in the USA next year is controllable in the short term, and the actual number of rate cuts may exceed the Federal Reserve's current expectations. The Federal Reserve, due to cautious considerations, may first guide market expectations to tighten to create conditions for future rate cuts. However, due to uncertainties in the timing and sequence of Trump's policies, it is expected that the range of bilateral fluctuations in US Treasury yields will increase in the future.