According to Jinshi Data, Minsheng Macro Research Report pointed out that the threshold for the Fed to cut interest rates has been raised, and inflation needs to fall. It is expected that there may be 2-3 interest rate cuts throughout next year, and the pace may be early. In the second half of the year, the Fed will enter a wait-and-see period to observe the impact of Trump's policies on economic data. As the impact of tariffs and tightening immigration policies on the demand side becomes apparent, further interest rate cuts may be made in 2026.