Dear investors, today we are going to delve into an important topic.

The latest CME data shows that the market is almost certain that the Federal Reserve will cut interest rates by 25 basis points tonight, with an expected probability as high as 99.4%. However, experienced investors understand that the decision to cut rates is just the beginning; what truly deserves attention is Powell's press conference at 2:30 AM.

So, what key points should we focus on?

First of all, the future path of interest rate cuts is crucial. Investors are speculating: will there be further interest rate cuts in December? What will the magnitude of rate cuts be next year? Currently, the market expects a 91.3% probability of a cumulative 50 basis point cut in December, which seems to suggest that the easing cycle may continue into early next year.

Secondly, the direction of quantitative tightening (QT) is also a major focus. When will the policy of withdrawing $60 billion from the market each month come to an end? The answer to this question may be more influential than the interest rate cut itself.

Finally, the Federal Reserve's assessment of the economic outlook will become a focal point for the market. Their level of concern regarding the economic slowdown will directly influence the direction of future policies.

It is worth noting that some analyses suggest that the end of QT may have a more substantial impact than interest rate cuts. As a well-known cryptocurrency trader stated, if Powell confirms that QT will end in the near future, it could have a significant effect on the market.

Overall, tonight's Federal Reserve decision and the subsequent press conference will provide us with a wealth of information. Wise investors should remain calm and carefully analyze this information, rather than just focusing on the single factor of interest rate cuts. Let's look forward to seeing how the Federal Reserve's decisions will impact future market trends.