CICC analysis pointed out that we believe Powell wants to send a signal to the market that the Fed intends to slow down interest rate cuts against the backdrop of a strong economy. Although the next Fed meeting is still a few weeks away, we believe that Powell's remarks provide some forward guidance, that is, policymakers have begun to consider lowering the dot plot. We predict that the number of interest rate cuts in 2025 shown by the new dot plot will be reduced from the previous 4 times to 2 times, corresponding to an end interest rate of 3.75%-4.0%. In terms of rhythm, the Fed's interest rate cuts will also enter the "slow lane". Our previous judgment was that the interest rate would be cut by 25 basis points in December this year, and by 25 basis points in the first and second quarters of 2025, and then the interest rate cuts would be stopped. We maintain this judgment that the pace of interest rate cuts will slow down after entering 2025. (Jinshi)