What happened before the 2020 312 crash? In July 2019, the first precautionary interest rate cut was 25% basis points, followed by a 25% basis point cut in September and October. The main response was to global trade tensions (such as Trump's tariff policies), geopolitical risks, and pressure from slowing economic growth, rather than a severe recession in the US domestic economy. So don't think that cutting interest rates will necessarily lead to a good market! After March 15th, the Federal Reserve cut interest rates by 100 basis points until October, when it entered a crazy double peak bull market cycle. It entered the interest rate hike cycle in March 2022 and began the early stage of the deep bear market. In 2022, the Federal Reserve raised interest rates a total of 7 times, with a cumulative increase of 425 basis points; In 2023, the Federal Reserve raised interest rates four times, each time by 25 basis points, for a total of 100 basis points. Interest rate cut ≠ bull? Interest rate cut=bull? Why did the first interest rate cut occur? It still needs to be judged based on macro synthesis.