Li Zongguang, the director of the Research Institute of Chengtong Securities, stated at the 2025 China Chief Economists Forum Annual Meeting that the Federal Reserve's interest rate cuts are more opportunistic actions, due to the fact that previous rate hikes were quite high. From the perspective of economic demand itself, the high inflation backdrop does not support such rapid rate cuts. He mentioned that if inflation in the United States begins to rise due to endogenous factors in 2025, combined with the influence of marginal factors, if inflation quickly rises to levels of 4%-5%, it may force the Federal Reserve to raise interest rates, which could lead to a significant appreciation of the U.S. dollar in that case. (Shanghai Securities News)