Shenwan Hongyuan: The market still expects the Federal Reserve to cut interest rates twice in 2026.

Shenwanhongyuan research report stated that on January 30th, Beijing time, Trump nominated Powell as the next chairman of the Federal Reserve, causing significant fluctuations in the financial markets. However, in terms of interest rate cuts expectations, the nomination of Powell and the January FOMC meeting of the Federal Reserve did not have a big impact on them, and the market still expects the Federal Reserve to cut interest rates twice in 2026.