Internet reports that the Federal Reserve decided to sit tight at its January FOMC meeting and keep the benchmark interest rate unchanged at 4.25%-4.5%, in line with market expectations. Can interest rates be cut in the future? The CICC Research Report believes that there is no need to assume that the Federal Reserve will not be able to cut interest rates in the future. Judging from the reflexive effect of interest rates, the less we expect interest rates to be cut at present, the more we are worried about a recession, the less likely we will be. Therefore, the current belief that interest rates cannot be cut is the same as the belief in September that the Federal Reserve needs to cut interest rates continuously. (Jin Shi)