Fangzheng Securities: The market expects the Federal Reserve not to cut interest rates in January, with the earliest cut in June

According to Jinshi News, a report from Founder Securities states that the December non-farm data is mixed, with the overall U.S. job market showing a mild downward trend, but the unemployment rate has marginally improved, providing the Federal Reserve with more reasons to wait in January. The market is pricing in no interest rate cut from the Federal Reserve in January, with the earliest cut possibly in June. Due to the Supreme Court potentially declaring the IEEPA tariffs unconstitutional, economic expectations may marginally improve, inflationary pressures are weakening, and short-term U.S. Treasury bonds face unfavorable factors, while U.S. stocks benefit from the AI boom and reduced tariff disruptions.