Group 1 - The core viewpoint of the article is that the Federal Reserve has reduced interest rates by 25 basis points to a range of 3.5-3.75%, marking the third consecutive rate cut since September, following a "preventive rate cut + risk management" policy framework [1] - The outlook suggests that the Federal Reserve is likely to adopt a "wait-and-see, then decide" approach at the beginning of next year, indicating a pause in rate cuts once employment and inflation data are more reliable [1] - Overall, the meeting reinforced the signal that there will be no rate hikes, but also no continuous rate cuts, while the RMP-style balance sheet expansion is expected to provide a technical buffer for the interest rate market and liquidity, benefiting the recovery of risk assets [1]