#美联储货币政策 Looking back on the past, I can't help but feel a surge of emotions. In 2019, the Federal Reserve announced that its quantitative tightening policy would end on August 1st, but the actual effects were delayed. Now, it seems history is repeating itself. Although this round of quantitative tightening ended on December 1st, the balance sheet may not show significant improvement until early 2026.

This reminds me of the multiple economic cycles I have experienced before. There is always a lag between policy adjustments and market reactions, and investors need to maintain patience and a long-term perspective. Looking back at history, after each shift in monetary policy, asset prices often undergo a period of adjustment.

Currently, we need to closely monitor the Federal Reserve's subsequent actions, but we should not be overly optimistic. It may take some time for the market to digest policy changes, and the true turning point might not come until next year. During this period, prudent investing and risk management are especially important.

This experience once again reminds us that macro policies have far-reaching impacts, but their effects are slow to materialize. As experienced investors, we must learn to seize opportunities amid volatility and find certainty amid uncertainty. In the coming year, patience and insight will be key to success.