US stocks generally rebounded in pre-market trading. MU SNDK Actually, the expectation of at least two more Fed rate hikes was already priced in in December. The possibility of another hike next year is currently speculative, and the key factor is oil prices. However, oil prices have fallen. Therefore, the risk market sentiment is clear again. Even if two more hikes are indeed implemented as expected, one in December, doesn't that mean one more hike next year and then it's over? Furthermore, the Democratic Party will have a change of government in January, and the Democrats have clearly stated their intention to end US-Iran geopolitical tensions. At that time, oil prices will fall, and inflationary pressures will be relieved. How can they raise rates then? The market has come to its senses, and it seems there's still room for optimism. But currently, oil prices have also rebounded, with BZ rising above $91 and WTI rising above $85, and the price difference is now above $5, approaching $6. The actual action hasn't escalated; it's just that the Strait of Hormuz remains unsafe, causing some market anxiety. For oil prices to fall significantly, and WTI to break through $85, $80, or even $75, genuine negotiations and an agreement are necessary. However, there's currently no such expectation. If the Strait of Hormuz is attacked again, or if Trump threatens action, the market will naturally worry, causing oil prices to rise again. The risk market remains under pressure. Therefore, we can't be too optimistic. After all, Trump is still president, and there's still time for the transition between the two houses of Congress. Who knows if Trump will pull another stunt?