A new trading day has begun, and the market is holding its breath. All eyes are on the upcoming Federal Reserve FOMC meeting, with volatility and sector rotation becoming the norm during this period. Let’s take a look at the key information right now:

**Overnight Market Snapshot**

On Monday US time, all three major stock indexes fell across the board. It’s as if the market has been put on pause, with investors waiting for an answer. At 3:00 AM Beijing time on December 10 (Wednesday), the Federal Reserve will announce its interest rate decision and policy statement. After the meeting, Powell will hold a press conference.

This meeting is anything but ordinary.

**December FOMC: Full of Suspense**

This is the last FOMC meeting of 2025, and whether rates will be cut will soon be revealed.

What’s the core dilemma? Economic growth is slowing, but inflation hasn’t come down yet. The Fed faces a choice: either cut rates by another 25 basis points, or hold steady and wait for more data.

Market expectations? Previously, dovish comments from New York Fed President Williams had raised hopes for a December rate cut. But here’s the issue—there are significant differences of opinion within the decision-making team, making the outcome highly uncertain.

There’s another special situation: the previous US government shutdown caused delays in the release of key economic data like nonfarm payrolls and CPI. This means the Fed is essentially making decisions with “incomplete information,” which undoubtedly adds more volatility risk to the market.

**Recent Market: Volatility and Sector Rotation Intertwined**

In recent days, the market has shown clear signs of volatility and sector rotation:

Major stock indexes have pulled back from highs, with many analysts viewing this as a technical correction and a healthy adjustment. The main drivers are the tug-of-war between macro data and policy expectations...