PANews reported on August 5 that according to Jinshi, UBS currently expects the Federal Reserve to cut interest rates by 100 basis points this year, higher than the previous forecast of 50 basis points. UBS said in the report that unless the August employment report is strong, UBS believes that the Federal Reserve will start an easing cycle at the September meeting and cut interest rates by 50 basis points. "Our basic judgment remains that the US economy will avoid a recession and the growth rate will remain close to the trend level of 2%. With interest rates at a 23-year high, the Federal Reserve has sufficient flexibility to support the economy and the market." UBS emphasized that the overall financial situation of households is good, real income is growing, the average debt repayment cost is still low compared to the historical average, and total net wealth has increased by 37% since the beginning of the epidemic.