the rate cut was fully priced in. The consensus expectation is that there will be two rate cuts this year, and although there was no rate cut in July, the market expectation of a rate cut in September exceeded 100%, which means that it could cut rates by more than 0.25 percentage points. Therefore, the impact of the Fed's interest rate cut on the market has been very small. After Fed Chair Jerome Powell's speech, it is possible to think about macro regression, that is, a renewed foc...