According to online reports, TD Securities said that after Trump's election victory, the latest market reaction showed that the market expected a combination of tax cuts and tariffs, pushing up the Federal Reserve's neutral interest rate. We are changing our forecast for the Fed because rising inflation will slow down the pace of interest rate cuts in 2025. We now expect the Fed to cut interest rates by 25 basis points in November, December and January, and then suspend interest rates in March. The Federal Reserve will continue to "cut interest rates-pause-cut interest rates" in 2025 and cut interest rates to 3.5% by the end of 2025, which is higher than the previous expectation of 3.0%. In the first half of 2026, the Fed will cut interest rates to 3.0%, which means we don't see any change in neutral interest rates, just that the Fed will get there later. (Jin Shi)