According to the morning market conditions, the Nasdaq futures fell slightly, the S&P futures rose slightly, the US dollar index fell, cryptocurrencies retreated significantly, and gold broke through new highs during Asian trading hours. US bond yields fell across the board, suggesting that investor risk aversion sentiment is quite strong. It is speculated that the panic in the early trading session was triggered by the expectation of a 50-basis-point rate cut. The CME's prediction for a September rate cut has decreased to 41% for a 25-basis-point cut, and increased to 59% for a 50-basis-point cut, all due to a tweet by Nick last Thursday, and nothing else. The market is currently very concerned that Nick's remarks, which represent the message the Fed wants to convey, will be during the Fed's silent period. On Polymarket, user bets show that the probability of a 25-basis-point hike has dropped to 48%, while the probability of a 50-basis-point hike has risen to 51%. If the market's panic sentiment cannot be alleviated, it may gradually spread from this morning. After last Thursday, Nick has not released any more content related to rate cuts, but yesterday he published his statistics on the US core PCE for August, which was 2.7%, higher than the previous month's 2.6%. The fluctuations in inflation, especially core inflation, although small in magnitude, may occur more frequently. In this case, if the Fed chooses a 50-basis-point initial rate cut, the market's doubts will be quite large, and it will depend on how Powell explains it. But for the entire rate cut cycle, a 50-basis-point cut is a good choice, although there may be more concerns in the short term. This tweet is sponsored by @ApeXProtocolCN | Dex With ApeX.