【CITIC Securities Comments on the Federal Reserve Decision: More Hawkish than 'Hawkish Rate Cuts'】Jin10 Data, December 19 - CITIC Securities stated that the Federal Reserve will cut rates by 25bps at the December 2024 meeting, in line with market expectations. This dot plot shows that the target interest rate center for next year is 3.9%, higher than the 3.4% indicated at the September 2024 meeting, while also raising next year's inflation and economic growth forecasts and lowering the unemployment rate forecast for next year. Powell's remarks did not provide clear guidance on the 'extent and timing' of future rate cuts, but he is quite confident in economic growth. From the SEP and Powell's statements, the Federal Reserve has notable concerns about inflation next year. This monetary policy meeting is much more hawkish than the market generally expected, but consistent with our view that the Federal Reserve will cut rates twice in 2025. We maintain this view and expect that the Federal Reserve will likely pause rate cuts at the next monetary policy meeting to observe, or may need to wait until the March meeting to provide clearer guidance, with increased volatility expected in the U.S. stock market. (Translated from: Jin10 Data)