The script for the next Federal Reserve meeting is highly likely to be: Powell announces a 25bp interest rate cut, but will emphasize that the road ahead is not smooth and suggest that the pace of interest rate cuts will slow down in 2025 (hawkish). Regarding the repurchase/cessation of QT by T-bills, he is highly likely to say that the timing is not yet right. What does this mean for the future market? The US stock and cryptocurrency markets may face a short-term pullback pressure of "buying expectations, selling facts", especially if it is a hawkish interest rate cut. As long as inflation is not out of control, interest rate cuts will be implemented to protect employment; However, given the expectation of fiscal stimulus and inflation stickiness, the Federal Reserve must remain tough in words and slow down the pace of interest rate cuts next year. Negative news is relative, and in the short term, all positive news will be exhausted. Afterwards, the sideways adjustment will replace the downward trend, and it is highly unlikely that there will be a sharp drop, which is not significantly different from market expectations.