Goldman Sachs' FICC has recently assessed that the rate cut in December is basically a done deal.

The logic they provided is quite straightforward: employment data has been on a downward trend recently, and the pressure for risk control at the Federal Reserve has clearly increased. More importantly, the internal votes for FICC are already sufficient. Did you see Williams' speech last Friday? Could it be any more obvious?

What does the market think now? The interest rate swap has priced in a rate cut of 21 basis points, with the probability soaring to 85%.

Once the quiet period begins, this matter is basically settled. We're just waiting for the moment of the official announcement. To be honest, this could be a turning point for risk assets, especially since the cryptocurrency market is always most sensitive to changes in liquidity.