A month ago, the hot topics in the market focused on Trump and his US economic blueprint to promote economic growth next year and in the future. However, as the Christmas holiday approaches, Federal Reserve Chairman Powell's hawkish turn has once again become the focus of the market, bringing the issue of inflation back into investors' attention and triggering the biggest market turmoil since Election Day.

At the policy meeting on December 19, the U.S. Federal Reserve (Fed) announced its third interest rate cut this year, a 25 basis point cut, adjusting the federal funds rate target range to 4.25%-4.5%. This decision was in line with market expectations, bringing the Fed's cumulative interest rate cuts this year to 100 basis points.

As Federal Reserve policymakers prepare to hold their final meeting of the year this week, the market is widely expected to cut interest rates by 25 basis points. Of greater interest, however, is their latest assessment of the economic outlook and the path to interest rate cuts. The Fed is currently facing a debate over productivity growth, which could affect their views on economic capacity and inflation control.

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