[Federal Reserve Officials Take a Cautious Stance on Rate Cuts, Asset Price Risks in Focus] On November 21, several Federal Reserve officials expressed a cautious attitude toward rate cuts. Federal Reserve Governor Lisa Cook highlighted various risks facing the financial system, including the rapid growth of private credit markets, hedge fund trading in the Treasury market, and the application of generative artificial intelligence in machine trading, stating that an asset price collapse would not be surprising. Cleveland Fed President Loretta Mester opposed further rate cuts, arguing that inflation remains high and financial conditions are loose. Federal Reserve Governor Michael Barr emphasized the need for caution regarding rate cuts. Chicago Fed President Austan Goolsbee expressed concerns about another rate cut in December, stating that progress on inflation has stalled and could even worsen.