#通货膨胀 Yesterday, the Federal Reserve's decision released an interesting signal — continue to cut interest rates, but the attitude has clearly changed. Looking at the chart, there will be only one rate cut next year, whereas the market originally expected two. Behind this divergence, it actually reflects a deeper dilemma: inflation is still there, the labor market is weakening, and the Fed is already finding it difficult to loosen policy significantly.

This reminds me of the anxiety many investors have been feeling lately. What does a rate cut mean? On one hand, assets are supported; on the other hand, inflation risks still exist — Powell explicitly stated that inflation is leaning upward. In other words, we may be facing a phase where "we can't cut rates significantly nor ignore inflation."

In this environment, my advice remains the same old saying: safeguard your positions. Don't feel safe to leverage up just because of "expectations of rate cuts," and don't put everything into inflation-hedging assets just because of "inflation risks." The most practical approach is to review your asset allocation to ensure different types of assets can balance each other. In the long run, maintaining a stable mindset is much more valuable than chasing market sentiment. The Fed will give signals, but we still need to control our own pace.