1. Dutch International Bank: Due to the market's fragile pricing for further interest rate cuts by the Federal Reserve, it is expected that the downward space for the US dollar will be limited before the Federal Reserve meeting. 2. Mizuho Bank: The United States will welcome a new Federal Reserve chairman in May 2026, and Germany will implement fiscal expansion in 2026, both of which are unfavorable for bullish views on the US dollar. 3. Danske Bank: The hawkish wording may lower the euro/dollar exchange rate, while still maintaining the currency's volatile upward expectations for the next 12 months, with a target of 1.22. Spot Gold 1. AuAg Funds: No matter what actions or signals the Federal Reserve takes, the only direction for interest rates will be downward. Even if the gold price continues to consolidate above $4000, market sentiment remains resilient. Analyst Fawad Razaqzada: This interest rate cut has been fully priced and is unlikely to significantly boost gold prices on its own. If more central banks turn to or delay interest rate cuts, it will put pressure on gold prices. Currently in a period of low volatility consolidation, waiting for a new catalyst. 3. WisdomTree: Although this week's meeting will set the tone for next year, greater support for gold still comes from the uncertainty of the leadership after Powell's term ends, and any event that threatens central bank independence will provide strong support for gold prices. Adrian Day: Be cautious before the meeting. Although there is a high probability of a rate cut, the market has already fully priced it. If the result falls short of expectations, it may trigger a pullback in gold prices, maintaining a neutral view. US Treasury 1. Russell Investments: The 10-year US Treasury yield is higher than our institution's fair value estimate, supporting strategic allocation of duration risk in the investment portfolio. two Candriam Asset Management: If the Federal Reserve's credibility is damaged, it will cause the yield curve to steepen by 50-100 basis points, resulting in a decrease in short-term bond yields and an increase in long-term bond yields. 3. Bianco Research: The recent rise in US bond yields reflects market concerns that the Fed's interest rate cuts may be slower than expected, indicating that the rise in US bonds is not yet over. 4. Janus Henderson: Due to various factors such as US fiscal problems, it is difficult to have confidence in long-term bonds. At the same time, concerns about the independence of the Federal Reserve and the global situation have led to a tendency to avoid the maturity risk of long bonds.