[CICC: Fed Rate Hikes Not Over, But No Need to Rush into Action] According to a report by Deep Tide TechFlow on October 29th, CICC stated that the Fed held rates steady in October, reflecting policymakers' firm stance against inflation but also indicating a willingness to remain patient. The shift of some hawkish officials to a wait-and-see approach suggests a decreased urgency for further rate hikes. Since the September rate hike, US financial conditions have tightened marginally, and the inflation premium has declined somewhat, allowing the Fed to wait for the policy effects to become more apparent. Looking ahead, we expect another rate hike in December, followed by continued observation. This round of rate hikes is more likely to be a moderate, gradual adjustment rather than aggressive tightening. Furthermore, Warsh announced that starting next year, the frequency of interest rate votes will be reduced, with some meetings dedicated to discussing long-term monetary policy strategies, a continuation of his efforts to reform the Fed's policy framework since taking office. For the market, the risk of the Fed tightening beyond expectations in the short term has decreased, while a relatively tight monetary stance will be maintained in the medium term. (Jinshi)