Oxford Economics Research Institute CEO and Chief Economist Adrian Cooper said: Our expectation is that the Fed will begin cutting interest rates in the second half of this year, perhaps in September. But this depends largely on changes in potential inflation, especially relative to wage growth. In the past few years, labor inflation expectations have risen rapidly, which has surprised the Fed and many central banks. This means that labor is not only seeking a raise to compensate for past higher-than-expected inflation, but also seeking a raise because they believe that inflation may remain high. I think the Fed wants to see decisive evidence that the process of slowing down inflation will continue, not only overall inflation, but also core inflation will return to the level of 2%, and then be fully prepared for a substantial interest rate cut. (YiCai)