Odaily News While some Fed officials have tried to keep open the possibility of another rate hike, the main message from the Fed is that the next step will be a rate cut. But the more dovish the Fed sounds, the looser financial conditions will be, and the harder it will be for the Fed to cut rates, Apollo analyst Torsten Slok said in a report. He called it the "paradox of the reflexivity of the Fed's rate cuts." Slok said that since the Federal Open Market Committee began talking about rate cuts in November last year, U.S. stocks have rebounded and "the household sector has also received a windfall." He said government spending has also provided "an important boost to the economy." (Jinshi)