#市场流动性状况 Looking back at history, the liquidity contraction around Thanksgiving every year always makes the market rather tense. This year is no exception; with a shortened trading week next week, market liquidity is expected to drop sharply. This situation reminds me of the 2008 financial crisis, when, similarly around Thanksgiving, liquidity exhaustion triggered a series of chain reactions. However, the current situation is somewhat different from back then. The Federal Reserve is now more vigilant, and various policy tools are more abundant. But we still need to be cautious, because history tells us that the market often collapses when it is least expected. It is advisable to closely monitor the Fed’s Beige Book and speeches by officials, as they may hint at future policy directions. At the same time, keep an eye on economic data such as retail sales, as these are important indicators for judging market trends.