CITIC Securities: It is expected that there will be no more interest rate cuts during Powell's term

According to Jin Ten's report, Citic Securities' research report indicates that no further interest rate cuts are expected during Powell's term. The institution believes that after Waller takes over as the Federal Reserve Chairman, the baseline scenario for the second half of the year will involve 1 to 2 rate cuts, each by 25 basis points. Waller will not significantly cut rates in response to Trump's demands, but will still base decisions primarily on economic fundamentals and pay attention to inflation risks, though not entirely hawkish.