According to Jin Shi data reports, the Minsheng Macro Research Report points out that the threshold for the Federal Reserve to cut interest rates has been raised, requiring a decline in inflation. It is expected that there may be 2-3 rate cuts throughout next year, possibly at an earlier pace. In the second half of the year, the Federal Reserve will enter a wait-and-see period, observing the impact of Trump’s policies on economic data. As the effects of tariffs and tightened immigration policies on the demand side become apparent, further rate cuts may occur in 2026.