Gordon Shannon, portfolio manager at TwentyFour Asset Management, said in a note that Federal Reserve Chairperson Jerome Powell is unlikely to make any upfront commitments to the rate cut plan, other than giving some hints on the direction of the rate cut during today's press conference. He said investors will have to wait longer to see the long-awaited rate cut. Given that the likely policies of Republican candidate Donald Trump (if he wins the presidential election) have a greater impact on inflation, we believe that the Fed's rate cuts in the coming year will be smaller than the 140 basis points expected by the market.