#美联储降息预期 Looking back at the past few cycles of Fed rate cuts, some interesting patterns always emerge. After the dot-com bubble burst in 2000, rate cuts saved tech stocks; after the 2008 financial crisis, rate cuts helped give birth to cryptocurrencies. Now, the market is eagerly anticipating a new round of rate cuts. But history tells us that things rarely repeat so simply. The release of this Beige Book might offer us some new insights. After all, every era has its own unique challenges and opportunities. We old-timers can't always look at things from the perspective of the past—we have to learn to keep up with the times. That said, history is indeed the best teacher, but we need to learn to interpret its lessons in new ways.