The Federal Reserve lowered interest rates by 25 basis points in December as expected, but due to an optimistic outlook on future inflation control, the Fed's stance has turned hawkish.

According to the FOMC's median forecast for the benchmark interest rate by the end of 2025, the benchmark rate will be lowered 2 more times next year (by 25 basis points each time), which is below the market expectation of 3 rate cuts; while the probability of a rate cut in January next year is only 6.4%.