[Powell: The Federal Reserve adopts a wait-and-see approach, rate hikes are not the baseline expectation for now] According to a report by Cailian Press, on Wednesday Eastern Time, after the Federal Reserve cut interest rates by 25 basis points as expected, Chairman Powell delivered a speech. He stated that the current interest rate level is in a good position to respond to changes in the economic outlook, but he did not provide guidance on whether there would be another rate cut in the near future. Powell noted: 'It is worth mentioning that since last September, we have cumulatively cut rates by 175 basis points, including a 75 basis point reduction since this September. Currently, the federal funds rate is within a roughly neutral range, and we are also in a favorable position to wait and observe further economic developments.' He added: 'Monetary policy is not a predetermined fixed path; we will make decisions gradually based on the situation at each meeting.' Notably, after Powell stated that no one currently considers rate hikes as the baseline expectation, the three major U.S. stock indices began to rebound sharply. Analysts pointed out that Powell's remarks undoubtedly relieved traders, who rushed to buy stocks. The optimism stems from the market's belief that the Federal Reserve will not consider rate hikes but will focus on future easing policies, even if such easing may not arrive immediately.