This time, the Fed did not come out to appease the market, nor did Wall Street make any overwhelming interpretations. They were afraid that saying one more word would trigger a bigger drop.

Chinese investors woke up to a familiar scene: everything fell.

Gold fell, crude oil fell, U.S. Treasury bonds fell, U.S. stocks plummeted, and even the U.S. dollar index fell for the first time in six trading days. Risk assets and safe-haven assets were sold indiscriminately.

1. Panic sentiment is bound to spread to next Monday, when Asian stock markets will face the risk of falling, and the decline may even be greater than that of the US stock market.

2. This time the global market decline is different from the past. The US stock market has seen the largest single-day drop since the election day. Other markets can fall as much as they want, but as long as the US stock market falls, panic will follow. Judging from the decline, yesterday's decline was a very classic pattern - the Dow Jones fell 0.7%, the S&P 500 fell 1.32%, and the Nasdaq fell 2.24% - the S&P 500 fell nearly twice as much as the Dow, and the Nasdaq fell nearly twice as much as the S&P 500. This usually indicates that the decline is "to be continued."

3. The reasons that triggered the market decline are unusual. After the Fed Chairman said that he was "not in a hurry to cut interest rates", the United States released better-than-expected economic data one after another, prompting the market to reduce its bets on the Fed's interest rate cuts - this week's "good news" is definitely "bad news". At present, the market is no longer sure whether there will be a rate cut in December. The non-farm data on December 6 will set the tone. If it is a disastrous data, then cut interest rates; if it is a hot data, then suspend the rate cut; if it is between the two, then wait for the CPI data on December 11 to make the final judgment.

4. This week is the first full week after Trump won the election. He did not make any comments on the market and tariffs. This silence is terrible. Although he did not say anything, it does not mean that he did not take action. Trump's team is working overtime to study the tariff plan, and it is possible that he will announce it on the first day of his presidency. Many people think that tariffs are his "bargaining chips" and will be "full of foreplay and slow rollout" like in the past. This time the world will misjudge Trump again.

The trading logic of the global market has long changed. Trump has replaced the Federal Reserve as the biggest factor affecting the market. Everything that happened in the past will circle back to the Federal Reserve's trading main line. And everything that happens now will circle back to Trump.

Report highlights:

First, interpret the memo and a 69-page document circulated by the Trump team, telling you Trump’s “100-day action” and “new tariff plan” - which will have a profound impact on the financial market. Many people will adjust their trading plans after reading this report.

· Second, the trend of the US dollar and the RMB is undoubtedly what people are most concerned about. We spent two full days calculating the highest and lowest prices of the RMB in the next 12 months to tell you where the RMB will go once the Trade War 2.0 appears.

Third, interpret the latest report released by Goldman Sachs (China 2025 Outlook: Facing the Wind), which includes views on GDP, interest rate cuts, stock markets, and the RMB, some of which are similar to ours.

· Fourth, Wall Street named 16 Chinese stocks as promising this week, and the three major investment banks were unanimously optimistic about one of them. #市场回调，观望还是上车？ #美国零售销售数据即将公布 #新币挖矿你参加了吗？ #超级MEME周期？ #BTC冲破9万