Network reports, CICC Research notes that in terms of interest rate decisions, the Fed has taken a much larger 50 basis point rate cut, more aggressive than we expected。The monetary policy statement noted that recent inflation data had given policymakers more confidence in achieving their 2 per cent inflation target.。The Fed's actions suggest that its response function has shifted completely from a focus on inflation to a focus on employment。We see this as a signal that the Fed's tolerance for rising unemployment is low and that officials don't want to take the risk and ruin the rosy prospects of a "soft landing."。Based on Powell's statement, we believe that any future more than 4.4% unemployment could trigger more rate cuts。It also suggests that the Fed will remain "dovish" until the job market data stabilizes.。Looking ahead, the likelihood of a soft landing in the short term will rise further as the Fed takes a sharper rate cut。