CITIC Securities: It is expected that the Fed will cut interest rates three times consecutively within the year.

[CITIC Securities: The Fed is expected to cut interest rates three times this year] CITIC Securities' research report states that Powell's speech at the Jackson Hole Central Bank summit aligns with our previous expectations, emphasizing the downside risks in the labor market, and continuing the view from the July meeting that "tariff-induced inflation is transitory," laying the groundwork for a rate cut in September. We maintain our previous stance, expecting the Fed to cut interest rates three times this year, each by 25bps. Regarding the adjustment of the monetary policy framework, the Fed has abandoned the average inflation targeting regime, reverting to a flexible inflation targeting regime, and has modified its wording to emphasize the need to follow the "two-way" risks in the labor market.