The market is waiting for the Fed's next move. According to data, the probability of the central bank cutting interest rates by 25 basis points in January is only 26.6%, while the likelihood of maintaining the current policy is as high as 73.4%—this signal is already quite clear. Last night's US CPI data showed some cooling, but this relief seems insufficient to shake the weak pattern of US stocks; pre-market trading was mixed, with Nasdaq futures up only 0.22%.

On the Japanese side, as expected, there was a 25 basis point rate hike, but subsequent language remained neutral, emphasizing "data dependence," which also means that the pace and choice of future rate hikes still have variables.

In the currency market, there was more movement. The US dollar index fluctuated upward, gaining 0.25%, and the dollar against the yen surged strongly, rising 1.1%, approaching the 157 level—an all-time high is in sight. Meanwhile, the RMB was slightly under pressure, falling only 0.05%, remaining relatively stable overall.

The precious metals market showed divergence. Gold hovered around $4,330 per ounce, moving back and forth within a range without a clear direction; silver's performance was more notable—early in the session, it dropped to $64, then experienced a V-shaped rebound, currently up 0.66%, quoted at $65.963 per ounce, and breaking the $66 mark is not far off.

As the year-end approaches, a series of major events have left the market hesitant—continue to choose volatility, or finally pick a direction? At this point, the attitude of capital is worth noting: conservatives may choose to lock in profits first and cautiously observe subsequent changes.