According to Odaily Star Daily, Minsheng Securities stated that the probability of the Federal Reserve pausing interest rate cuts in the middle of next year is increasing. The unemployment rate remains low, and the downward pressure on inflation is hindered, so the Federal Reserve may still cut interest rates 2 to 3 times next year.
In a low-probability scenario, overly aggressive tariff and immigration policies could lead to a decline in US stocks and a significant slowdown in the US economy, so there may be more interest rate cuts next year.