Odaily News Hartnett, a well-known strategist at Bank of America, pointed out that the current market reaction to the Fed's 50 basis point rate cut seems to be following the script of "soft rate cut" or "panic rate cut". The U.S. stock and credit markets are digesting the expectation of a 250 basis point rate cut by the Federal Reserve by the end of 2025 and an 18% increase in earnings for S&P 500 index components. "The risks are not much better, so investors are forced to chase" the rally, and "bubble risks" are making a comeback. As for the reason for this carnival-like rise, Hartnett explained in his latest report that Wall Street likes "panic rate cuts" the most when there is no panic (at least not yet). At the same time, the Federal Reserve hopes to cut interest rates by 50 basis points so that real interest rates can fall from the highest level of this century to prevent layoffs in the small business sector that is already in recession. (Jinshi)