The market never buys rate cuts themselves, but the moment when rate cut expectations are repriced. Last night’s rally was mainly driven by the forecast of a December rate cut, and secondly by Trump sending clear ‘cooling down’ signals on his China policy (you can check Trump’s tweets yourself). So, the market isn’t pricing in a December rate cut, nor is it pricing in geopolitical factors—it’s pricing in the liquidity turning point in 2025. Got it? If not, take a look at what I’ve said before. This is important, so if you didn’t take notes before, do it now: Never get stuck on current prices. The market always prices things a year in advance. What you need to do is position yourself in that direction. So, fam: as long as the trend isn’t broken, the worst strategy is to leave the market. Source: @BlockBeatsAsia