QCP analysis pointed out that the Federal Reserve will hold its last meeting of 2024 tonight. It is expected that the Federal Reserve will cut interest rates by 25 basis points at this meeting and release the last dot plot of the year. We expect tonight's statement and dot plot to be slightly hawkish, reflecting the stability of US inflation above the Fed's 2% target and the strong labor market. The statement may not make a clear commitment to the path of rate cuts in 2025, but instead emphasize the difficulty of accelerating rate cuts. At the same time, the dot plot is expected to reveal plans for three rate cuts in 2025.