#美联储利率政策预期 Looking back on these years of interest rate hike cycles, I can't help but think of the 2018 bear market. At that time, the Federal Reserve was also raising interest rates consecutively, and the market's confidence once collapsed. But now it seems that those adjustments laid the foundation for the subsequent bull market. Currently, market expectations for rate cuts by the end of the year are heating up, as if we have returned to that time. However, we must remember that history never repeats itself simply. The current data on inflation, employment, and other indicators are very different from previous years, and policy directions are also more difficult to predict. Investors need to stay vigilant, avoiding blind optimism and excessive pessimism. Paying close attention to changes in fundamentals and adjusting strategies at the right time is the wise approach. After all, in this rapidly changing market, only by remaining calm and flexible can we stay undefeated in the cycle.