Citic Sec stated that according to various Taylor rule calculation methods, the current policy interest rate level in the USA is too high, and the Federal Reserve still has a large room for rate cuts next year. At the same time, recently Federal Reserve officials have hinted at a dovish stance, with some officials indicating a possible further 50 basis points cut in interest rates within the year. They also mentioned that the policy interest rate level is too high, implying that there is still room for rate cuts next year. Overall, we believe that there is a high probability of another 50 basis points cut in interest rates within the year, and there is a possibility of the Federal Reserve reducing interest rates to below 4% next year.