Fed Decision Preview: Market focus is on Powell's press conference, with a 25 basis point rate cut widely expected.

The market widely expects the Federal Reserve to cut interest rates by 25 basis points, adjusting the policy rate to 3.75-4.00%. It also anticipates the central bank will announce the end of quantitative easing (QT). This meeting will not release a quarterly economic forecast report, so the focus will be primarily on Powell's press conference. It is expected that Fed Chairman Powell will again characterize the rate cut as a risk management measure and, in the absence of key economic data, will not reveal too much information to maintain market stability. Currently, the market expects a Fed rate cut in October as a certainty, and the probability of a rate cut in December is close to 100%, with a cumulative rate cut of 117 basis points by 2026, higher than the Fed's projected 75 basis points. (Jinshi)