CITIC Securities: The Federal Reserve may cut interest rates by about 50 basis points next year.

According to a research report from Citic Securities, the unemployment rate in the United States continued to rise in November, and the number of non-farm employed individuals remains at a low level. At the same time, the structure of non-farm employment growth in November was also poor. Similarly, ADP employment growth continues to remain at a low level, with many industries experiencing negative growth. Overall, the current U.S. job market continues to operate weakly, and this trend may continue in the short term. The Federal Reserve may cut interest rates by around 50bps next year.