According to Wall Street, investors are overly optimistic and warning the US market that there are "no bears left." Stock experts at JPMorgan Chase and Morgan Stanley have suddenly turned pessimistic due to overvalued technical indicators and their belief that the Federal Reserve will not cut interest rates as quickly as the market expects. Scott Rubner, Managing Director of Goldman Sachs Group, stated in a report that there are "no bears" in the market. After the S&P 500 index surged 9% in November and US bond yields plummeted significantly, the market has now become more cautious. The question that everyone is thinking about is whether the Federal Reserve will really start aggressively lowering interest rates as expected by the swap market, or whether traders are once again betting too hastily on rate cuts. The upward trend is a sign of "excessive market optimism," said Florian Ielpo, head of macro research at Lombard Odier Asset Management. "Valuations are no longer attractive. We should see the true nature of stocks: high valuations."