According to Jinshi, Bank of America warned that the market's overly optimistic expectations for the Federal Open Market Committee (FOMC) to cut interest rates will disappoint them. Bank of America pointed out that the market currently expects a rate cut of nearly 50 basis points this year, but it may be disappointed. Bank of America listed six reasons why it will not cut interest rates in the short term: inflation was too high in the first quarter; a single economic data should not bring too much comfort, especially if the annualized inflation rate of the data is much higher than the Fed's target; the economy, including service industry spending, remains solid; the labor market remains tight; the supply tailwind may fade; and the US election is approaching.