#美联储降息政策 Seeing the volatility of US Treasuries hit its largest annual decline since 2009, my first reaction is not excitement, but a reminder for everyone to stay calm and view this phenomenon objectively.

The Federal Reserve's rate cut policy has indeed eased market tensions, with bond market volatility dropping from 99 at the beginning of the year to 59 now. This reflects a downward shift in risk expectations. However, there's a common trap to watch out for — a decline in volatility does not mean risk has disappeared; it simply takes a different form.

I've seen too many investors relax their vigilance during "calm" market periods. They see the index's decline slow down and start to leverage up and concentrate their bets, only to be caught off guard when the next shock hits. History shows us that the recovery period after the 2009 financial crisis also appeared very stable, but who can predict every subsequent fluctuation?

The truly safe approach is: during times of market sentiment easing, be even more cautious in reviewing your portfolio allocation. Take profits where appropriate, reduce risks where necessary, and keep cash reserves when needed. This is not conservatism, but reserving space for long-term growth.

The rate cut cycle may continue, but remember — the best investment strategy is never to follow market sentiment blindly, but to stay steady and resilient in all market conditions.