From yesterday to today, more and more information suggests that this sharp decline is due to the sudden shift in attitude towards ambiguity or suspension among the four members of the Federal Reserve who were originally dovish supporters of interest rate cuts. Boston Fed President Susan Collins, who supported the October rate cut this year, stated in her latest speech that "the threshold for further rate cuts in the short term is relatively high. She said, 'Unless I see a significant deterioration in the labor market, I will be cautious about further easing,' and mentioned that inflation remains high. San Francisco Federal Reserve President Mary Daly supports the recent interest rate cut, but has not yet reached a conclusion on the next steps for December, as she has explicitly stated that she will "keep an open mind". She pointed out that inflation and employment risks are currently in a balanced state, but more data still needs to be awaited. Chicago Fed President Austan Goolsbee, although previously seen as a dovish figure (supporting faster rate cuts), recently said, "I haven't made a conclusion yet" and "my threshold for rate cuts is higher than last time". He emphasized that inflation is still high, key data is missing, and it is not advisable to blindly cut interest rates when data is vague. Cleveland Fed President Beth Hammack has made it clear that interest rate cuts should be "paused," stating that current monetary policy is "only slightly restrictive" and the risk of inflation is high. At present, it cannot be determined whether December is indeed preparing to temporarily postpone interest rate cuts or if the Federal Reserve is just creating doubts by breaking the consensus of expectations. If it is the latter, there is still nearly a month of game time left. During this period, if the probability of interest rate cuts rebounds from 50% to over 90%, as news continues to release during this period, the risk market will also rebound accordingly.