#美联储政策与降息 Recently, I saw several statements from the Federal Reserve, and I thought many investor friends might be speculating about the pace of interest rate cuts. Waller mentioned that job growth is approaching zero and the labor market shows signs of weakness, which indeed paves the way for further easing policies. But I want to say that policy shifts are often the times when market sentiment is most prone to losing control.

Some will get excited, imagining that a rate cut means opportunity has arrived, and will impatiently leverage up or concentrate bets. In fact, this is precisely the moment when risks are greatest. History tells us that an improving macro environment does not mean all assets will rise; the performance differences across sectors and asset classes are often significant.

My advice is simple: at this time, it’s even more important to stick to your position discipline. Don’t disrupt your original allocation plan just because of policy expectations. Stay committed to your long-term allocations, and control your risk exposure as needed. The Federal Reserve can act "at a moderate pace," and we investors should maintain the same rhythm.

Real gains often come from those who remain calm amid market turbulence. After experiencing several cycles, one will understand that a sense of security and patience are far more valuable than chasing every policy shift.