CITIC Securities: It is expected that Jerome Powell will no longer cut interest rates during his term.

CITIC Securities Research Report pointed out that it is still expected that there will be no further interest rate cuts during Powell's term, and it is believed that under Wash's leadership as the Chairman of the Federal Reserve, there may be 1 to 2 rate cuts of 25 basis points in the second half of the year. Wash will not substantially lower interest rates in response to Trump's demands, and will still prioritize economic fundamentals as the main decision-making basis. Wash is concerned about inflation risks but is not absolutely hawkish, and the number of rate cuts in the second half of the year will depend on inflation trends.