Certong Securities Research Institute Director Li Zongguang stated at the 2025 China Chief Economist Forum Annual Conference that the Fed's interest rate cuts are more opportunistic actions due to the previous high rate hikes. From the perspective of economic demand itself, the high inflation backdrop does not support such rapid interest rate cuts. He mentioned that if inflation in the U.S. begins to rise due to endogenous factors in 2025, combined with the influence of marginal factors, if inflation quickly reaches the level of 4%-5%, it may force the Fed to raise interest rates, which could lead to a significant appreciation of the dollar under such circumstances. (Shanghai Securities News)