On December 11th, the Federal Reserve as scheduled announced a 25 basis point rate cut at 3 a.m. Beijing time, lowering the benchmark interest rate to 3.50%-3.75%. This marks the third consecutive rate cut, in line with market expectations, bringing the total rate cut for the year to 75 basis points. The Fed's dot plot forecasts show a 25 basis point cut in both 2026 and 2027. "The Fed's mouthpiece" Nick Timiraos' latest article states that the Fed officials have cut rates for the third consecutive meeting, but concerns remain about inflation and the job market. There are unusual disagreements within the Fed, and officials are not very willing to continue cutting rates. Additionally, Fed Chair Powell mentioned in his speech that the labor market appears to be gradually cooling, while inflation remains slightly high. The inflation risk leans upward. September labor market data showed a slight increase in the unemployment rate.