December 6 was quite interesting; Wall Street’s sentiment was like a roller coaster—panic came and went quickly.

After the release of economic data like the ADP employment report and PCE, one thing was basically confirmed: the Fed is very likely to cut rates next week. The market immediately calmed down, and everyone started betting on risk assets again. This time, the certainty of those bets is quite high, with volatility suppressed to low levels.

To put it simply, everyone is now watching next week’s Fed rate decision. After all, with US employment data being so weak lately, a rate cut is almost a foregone conclusion. For the coming week, the market’s focus will be entirely on this—how much the cut will be, how it will be implemented, and what the follow-up policies will be; we’ll have to wait for the official announcement.