Golden Finance reports that Deutsche Bank has released a report on this week's FOMC meeting, which indicates that the Federal Reserve meeting reinforces our basic view that the skip (interest rate cut) at the January meeting may turn into an extended pause (interest rate cut) in 2025. We continue to believe that the nominal neutral interest rate is around 3.75%, and the committee needs to maintain a restrictive stance relative to that level. Therefore, we reiterate our view that the federal funds rate may remain above 4% next year, with the base case being no further interest rate cuts. The report also notes that some Federal Reserve participants have begun to incorporate the potential economic impact of President-elect Trump's policies into their forecasts, which may lead to higher inflation projections for 2025 and 2026. Regarding the labor market, Powell described it as solid but noted that the current level of job creation is below what is needed to maintain a stable unemployment rate.