Global central banks will start cutting interest rates next year, and China's expectation of a first quarter interest rate cut has also increased. In the past two weeks, the Federal Reserve's expectation of a rate cut has been significantly advanced to the first quarter of 2024, causing US bond yields to plummet and the stock market to reach historic highs. Although the European Central Bank and the Bank of England remain hawkish, as inflation declines and economic pressures rise, rate cuts may only be delayed and not absent.