【Deutsche Bank: The Federal Reserve Will Not Cut Interest Rates Next Year】Golden Finance reports that Deutsche Bank has released a report on this week's FOMC meeting, stating that the Fed meeting reinforced our basic view that the skip (interest rate cut) in January could turn into an extended pause (interest rate cut) in 2025. We continue to believe that the nominal neutral rate is around 3.75%, and the committee needs to maintain a restrictive stance relative to that level. Therefore, we reiterate our view that the federal funds rate may stay above 4% next year, with the basic scenario being no further rate cuts. The report also noted that some Fed participants have begun to incorporate the potential economic impact of elected President Trump's policies into their forecasts, which could lead to higher inflation projections for 2025 and 2026. In terms of the labor market, Powell described it as solid but pointed out that the current level of job creation is below the level needed to maintain a stable unemployment rate.