At 02:00 on Thursday, the Fed FOMC will announce the interest rate decision, and 30 minutes later, Fed Chairman Powell will hold a monetary policy press conference.

The market believes that the likelihood of the Federal Open Market Committee (FOMC) approving another 25 basis point rate cut at this meeting is close to 100%. The current overnight loan benchmark interest rate range is 4% to 4.25%.

For the Fed, announcing an interest rate cut during the policy meeting will be the easier part to handle; the difficult part is managing other detail issues, which have recently posed significant challenges to the Fed's policy-making.

Policymakers may also discuss the following issues: the future path of interest rate cuts, the challenges posed by the lack of economic data, and the timeline for ending the balance sheet reduction plan. The Fed's balance sheet primarily consists of U.S. Treasuries and mortgage-backed securities. All these discussions will highlight the increasing divergence within the Fed regarding the future direction of monetary policy.