深夜，外媒一篇长长的文章

Group 1 - The core viewpoint of the article emphasizes that while the Federal Reserve is inclined to continue lowering interest rates, the impact of these rate cuts on the economy may be slower and weaker than in the past [3][4] - The article discusses that even with lower mortgage rates, the housing market may not recover as people are hesitant to buy homes [3] - It highlights that rate cuts have not effectively addressed issues in the manufacturing sector, which are primarily driven by tariffs [3] - The article points out that rate cuts have not significantly reduced the interest rates perceived by the general public [3] - The Federal Reserve is currently in a dilemma, needing to lower rates to support employment while wanting to maintain high rates to control inflation [3] Group 2 - The timing of the article suggests a strategic communication from the Federal Reserve, indicating that even positive data should not lead to overly optimistic expectations [3] - It serves as a warning to the market to temper expectations regarding economic recovery following rate cuts, suggesting that the stock market should not react too aggressively [3][4] - The article emphasizes significant divisions among officials regarding the future path of rate cuts, indicating that the next statement from the Federal Reserve may be cautious and not to be over-interpreted [4] Group 3 - The implications for global markets are that rate cuts do not guarantee improvement, leading to a phase of increased volatility and uncertainty in global assets [5] - A report titled "Global Market Strategy: 2026 Outlook" suggests that 2026 will not be a year for trading but rather for understanding global dynamics [6] - Key highlights from the report include the potential leadership change at the Federal Reserve and its implications for the market, as well as a detailed analysis of the dollar's trajectory over the next three years [7] - The report also includes insights on selected stocks in China and a broader list of favored stocks in the Asia-Pacific and U.S. markets [8] - It addresses the future of gold and Bitcoin following their significant price increases, providing deeper insights into potential market movements [9]