On November 9th, next week, many Federal Reserve officials will "appear" to give speeches, the most important of which may be Powell's speech next Friday. Given that the latest Fed policy statement has removed expressions about progress in inflation and more confidence in achieving goals, it emphasizes attention to dual risks of employment and inflation. Investors need to pay close attention to their views on "Trump's return" and whether the Fed will pause rate cuts in the future market. In addition, at 21:30 Beijing time next Wednesday, US October CPI data will be announced, which will also have a significant impact on market interest rate cut expectations.