Group 1 - The Federal Reserve announced a reduction in the target range for the federal funds rate from 4.25%-4.50% to 4.0%-4.25%, marking a 25 basis points cut and the first rate decrease since 2025 [1] - Historical analysis shows that during previous Federal Reserve rate cut cycles, the A-share market exhibited varying performance, with significant declines noted in certain periods [4] - For instance, during the 2001 rate cut period, the cumulative reduction was 475 basis points, and the Shanghai Composite Index fell by 20.35% [4] Group 2 - In the 2008 financial crisis, the Federal Reserve cut rates 10 times, totaling a 500 basis points reduction, while the Shanghai Composite Index experienced a dramatic decline of 63.57% [4] - The data indicates that the A-share market's performance during rate cuts has often been negative, suggesting a potential correlation between rate cuts and market downturns [4]

Core Viewpoint - The U.S. Court of Appeals for the District of Columbia has rejected a plea agreement that would have allowed Khalid Sheikh Mohammed, the mastermind behind the 9/11 attacks, to plead guilty in exchange for a life sentence without parole, leading to a stalemate in the military trial process [1][2] Summary by Sections - The plea agreement was approved in 2024 by U.S. military prosecutors and senior Pentagon officials, which included a life sentence for Mohammed and two co-conspirators, along with a commitment to answer questions from victims' families [1] - The agreement was vetoed by then-Defense Secretary Lloyd Austin, who stated that death penalty decisions must be made personally by the Secretary of Defense, resulting in legal disputes [1] - The Biden administration and the Trump administration both pursued appeals, ultimately leading to the court's ruling that Austin's actions were within his legal authority [1] - The court emphasized the public's and victims' families' right to witness the military trial process, which aligns with legal standards [1] - The case has been ongoing since Mohammed's capture in 2003, with pre-trial proceedings still in progress, and there are significant divisions among victims' families regarding the plea agreement [1] - Opponents of the agreement, such as Brett Eagleton, argue that a plea deal would obscure the truth, advocating for a public trial to reveal the facts [1] - Supporters of the agreement, like Elizabeth Miller, express frustration over the prolonged process, opposing the death penalty and seeking to end the psychological torment of the families [2] - The 9/11 attacks, orchestrated by al-Qaeda, involved the hijacking of four commercial airliners, resulting in approximately 3,000 deaths and significant economic losses amounting to hundreds of billions of dollars [2]