每日钉一下（美联储降息，大家关心的3个问题）

Core Viewpoint - The article discusses the implications of the Federal Reserve's interest rate cuts on global assets, particularly focusing on the benefits for A-shares and Hong Kong stocks, as well as the potential future trends in U.S. dollar interest rates [5][7][12]. Group 1: Impact of Federal Reserve Rate Cuts - The Federal Reserve's recent rate cut of 25 basis points is seen as a positive development for global assets, with A-shares and Hong Kong stocks benefiting significantly [5][7]. - Historically, the last bull market in Hong Kong stocks occurred during a period of U.S. dollar rate cuts, indicating a correlation between lower rates and rising stock prices [7]. - The positive effects of rate cuts may diminish over time, suggesting that the market's response could be less pronounced with each subsequent cut [7]. Group 2: Market Expectations and Timing - Market movements often reflect expectations of rate cuts before they are officially announced, as seen with the significant rise in A-shares and Hong Kong stocks in anticipation of the September rate cut [8][9]. - The analogy of a child anticipating a birthday gift illustrates how market participants adjust their expectations based on anticipated actions from the Federal Reserve [10]. Group 3: Future Rate Projections - Market expectations indicate that the Federal Reserve may implement additional rate cuts, potentially lowering rates by another 50 basis points [12]. - The long-term trend suggests that U.S. dollar interest rates may eventually return to historical averages of 2%-3%, which could have significant implications for the cost of servicing dollar-denominated debt [12][13]. - A future increase in U.S. dollar interest rates could negatively impact non-dollar assets, as evidenced by the sharp decline in Hong Kong stocks during the last rate hike cycle [13]. Group 4: Investment Strategy - The article emphasizes that interest rates are cyclical and should be viewed as short-term factors influencing market fluctuations, creating opportunities for undervalued purchases and overvalued sales [13].