Michael Krautzberger, chief investment director of global fixed income at Allianz Investments, said that the Federal Reserve is expected to cut interest rates by 25 basis points at the policy meeting on Wednesday and set the target range of the federal benchmark interest rate at 4.25 to 4.5%. As for his views on next year, he believes that since the Federal Reserve's last meeting in November, the US economic data is still relatively optimistic, and the US election results also show that the 2025 policy position will be beneficial to economic growth. Therefore, it is expected that the Fed may be more careful to adjust its policy to neutral at the beginning of next year, and may suspend interest rate cuts in January next year after evaluating the new data. In terms of investment strategy, Allianz Investors tend to trade technically for the duration of their existence. Currently, they prefer to hold short-term US bonds compared to the European bond market. They are also optimistic about the strategy of a steeper US curve, believing that supply will remain high. Considering the potential risk of US inflation in 2025, the bank also advises investors to hold anti-inflation bonds.