ChainCatcher news, CITIC Securities stated that the Federal Reserve will cut interest rates by 25bps at the December 2024 meeting, which aligns with market expectations. The latest dot plot indicates that the target interest rate for next year is centered at 3.9%, higher than the 3.4% shown in the September 2024 meeting, while also raising the inflation and economic growth forecasts for next year and lowering the unemployment rate forecast.Powell's remarks did not provide clear guidance on the "magnitude and timing" of future rate cuts, but he expressed strong confidence in economic growth. From the SEP and Powell's statements, it is evident that the Federal Reserve has significant concerns about inflation next year. This meeting was much more hawkish than the market generally expected, but it aligns with our view that the Federal Reserve will cut rates twice in 2025. We maintain this view and expect that the Federal Reserve will likely pause rate cuts at the next meeting to observe, or may need to wait until the March meeting to provide clearer guidance. Volatility in the U.S. stock market is expected to increase. (Jin Shi)