According to the CITIC Securities Research Report, it is expected that the Federal Reserve will suspend interest rate cuts in January, and the remaining two interest rate meetings with Powell as chairman will cut interest rates by a total of 25 bps. If Hassett becomes the new chairman of the Federal Reserve, we think there is still room to cut interest rates in the second half of next year; if a candidate other than Hassett heads the Federal Reserve, we expect the Fed may suspend interest rate cuts in the second half of next year. On the market side, we expect the Federal Reserve's optimistic expectations for next year's economic outlook and recognition of AI to increase productivity will inject energy into the market. There is a high probability of a “Santa Claus market” in the US stock market this year.

According to the CITIC Securities Research Report, it is expected that the Federal Reserve will suspend interest rate cuts in January, and the remaining two interest rate meetings with Powell as chairman will cut interest rates by a total of 25 bps. If Hassett becomes the new chairman of the Federal Reserve, we think there is still room to cut interest rates in the second half of next year; if a candidate other than Hassett heads the Federal Reserve, we expect the Fed may suspend interest rate cuts in the second half of next year. On the market side, we expect the Federal Reserve's optimistic expectations for next year's economic outlook and recognition of AI to increase productivity will inject energy into the market. There is a high probability of a “Santa Claus market” in the US stock market this year.