Odaily Planet Daily News: Traders currently expect the Federal Reserve to cut interest rates by 100 basis points by the end of the year. Economist Mohamed El-Erian said they have overstated the possibility of a big Fed rate cut before the end of the year: "In my opinion, the market has now digested so many rate cuts, which is problematic." In recent days, traders have consolidated bets in the swap market that the Federal Reserve will cut interest rates by up to 100 basis points before the end of the year, and may cut interest rates by 25 basis points or even 50 basis points in September. The minutes of the Federal Reserve's July meeting showed that several officials believed that a rate cut was possible next month, and the latest employment data showed that job growth was far less strong than previously reported, further indicating that a rate cut is almost a foregone conclusion. According to El-Erian, the Fed will cut interest rates by 75 basis points before the end of the year. He said: "There is a view that in order to achieve a soft landing through a hard landing policy, the two need to be reconciled in some way. The market will make adjustments one day. (Jinshi)