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The Federal Reserve cut interest rates again on December 10th, this time by 25 basis points, bringing the benchmark rate to the 3.50%-3.75% range. This is the third move this year, with a total cut of 75 basis points—seems quite significant, but the signal from the dot plot suggests a different story.

Powell's tone is clearly hawkish. The implied message is that the rate-cutting cycle is almost over, and there might only be one more cut in 2026. This kind of "meeting-by-meeting" language sounds like it's stepping on the brakes for the market.

But the market simply didn't listen.

U.S. stocks surged, with the Dow climbing nearly 500 points, and the S&P 500 approaching its all-time high. Gold and other precious metals went even further—silver hit a new record high. U.S. Treasury yields declined, and the dollar weakened accordingly. The entire risk asset class was in a jubilant mood, fully expecting the "rate cut" news to have a strong positive impact.

Why is the market so optimistic? Essentially—low interest rates still favor risk assets. With soft employment data, the need for accommodative policy becomes even more justified, as a hedge against economic pressure. In the short term, expectations for a "Santa Claus rally" are also rising.

In simple terms: **The positive impact of the rate cut outweighs the negative impact of hawkish expectations, and the market continues to party.**