The Federal Reserve is about to enter a blackout period, institutions maintain their expectations for a rate cut in December.

ChainCatcher News, a research report from CITIC Securities stated that New York Federal Reserve President Williams hinted at a further rate cut in December, reversing market expectations for a rate cut. Currently, the market believes there is a 70% probability that the Federal Reserve will cut rates in December.

The Federal Reserve will enter a blackout period starting November 29. Before the blackout period, Powell has no scheduled public speeches or media interviews, so the remarks from his "close ally" Williams may be the last statement from a Federal Reserve official to influence market expectations.

Continuing the previous view, it is expected that December may see a "close call" rate cut of 25bps. For the market, the reversal of rate cut expectations, combined with the advancement of the "28-point" plan and news that the Trump administration is considering allowing the export of H200 chips to China, means that macro factors will no longer be a source of market pressure in the short term. The market may focus more on issues such as AI companies issuing bonds and the trends in cryptocurrency.