Tonight's Fed rate cut of 25bp is basically priced in, but the market currently leans toward a hawkish rate cut. According to analysis from Jintou Data: the market, institutions, and voting members are all sending the same signal—rates will be cut, but there won't be too many easing signals. Key highlights: ① How will the dot plot change? Almost all institutions believe the 2026 rate cut path will be revised downward, making this the most critical forward-looking signal. ② How tough will Powell's stance be? Will old Powell keep being hawkish, or will he change his tune and turn dovish? Summary: The rate cut isn't the suspense; the suspense is whether we can keep the music and dancing going after the cut.