Bank of Montreal in Canada predicts that the Fed will cut interest rates by 25bp. Powell previously stated: "The direction is clear, the timing and pace of rate cuts will depend on the upcoming data, evolving outlook, and risk balance." We speculate that the policy statement will also contain similar content. Of course, the market will need some more forceful statements, even just to adjust the current pricing. September's economic forecasts and its "dot plot" will be critical. The dot plot may show a total of three rate cuts this year, with some participants expecting a cut of at least 100 basis points. It is expected that next year there will be a cut of 125 basis points. However, due to these two reasons, the forecast for 2026 is more uncertain. The long-term or "neutral" level may be raised.