📶The Fed is about to enter its blackout period, institutions maintain their expectation of a December rate cut

New York Fed President Williams hints at a further rate cut in December
Market rate cut expectations have reversed
Currently, the market believes there is a 70% probability of a Fed rate cut in December

The Fed will begin its blackout period on November 29
Before the blackout period, Powell has no scheduled public speeches or media interviews,
so the speech by his "close ally" Williams

may be the last chance for a Fed official to influence market expectations

CITIC continues its previous view, expecting December to be a "close call" rate cut
with a magnitude of 25bps. For the market, the reversal of rate cut expectations, combined with the advancement of the "28-point"
plan and news that the Trump administration is considering restricting exports of H200 chips to China,

means that macro factors will no longer be a source of market pressure in the short term
The market may focus more on AI company bond issuance, cryptocurrency trends, and other issues