#美联储货币政策 Looking back at history, the inflation crisis of the 1980s is still fresh in our minds. At that time, the Federal Reserve sharply raised interest rates to curb inflation, but this triggered a severe recession. Now, facing similar choices, Hammack's warning is worth heeding. Excessively loose monetary policy can indeed fuel financial bubbles and increase systemic risk. However, excessive tightening can stifle economic vitality. Finding the right balance is key. The current financial environment is relatively accommodative, and the stock market is performing strongly, so further rate cuts do carry risks. However, history shows that economic cycles are difficult to manage with precision. Regardless of policy, we veterans must always prepare for the unexpected and be ready to respond to various scenarios. After all, the market is always full of uncertainty—this has never changed.