I don't believed in the rally of any kind when FOMC announced the rate cut on 10/12/2025 as this has been factor in. The big one would be the BOJ meeting on 19/12/2025, which will affect the global shift of liquidity, when the carry trade will benefits Japan rather than US. You see, when the interest rate was zero in Japan, a lot of borrowings was made to use the money for purchasing US stocks or treasuries like bonds, but now, the Japanese borrowers will have to sells US stocks and bonds to cover their borrowings when banks started to charge interest and that would affect US repatriation to Japan. This will also affect the US-JPY currencies exchanges as JPY will appreciates against the USD.