If the first rate cut is launched in September, then the Fed will have to consider continuous rate cuts in November and December.
This is also the reason why many people still think that there will not be a rate cut in September, even though the probability of a rate cut in September is 100%.
Although there are some "conspiracy theory" factors, it is true that the rate cut started in September and then continued in November and December, even the lowest rate cut of 25 basis points, is still polarized from the Fed's attitude in the first half of the year.