Odaily News PGIM Chief U.S. Economist Bocelli said that due to the slowdown in cyclical hiring in the past few months, the U.S. focus has shifted from inflation to the easing of the labor market, which has enabled the Fed to start cutting interest rates in September. The Fed is expected to announce a September rate cut at its meeting tonight. There may be another rate cut at the December meeting, and the possibility of a rate cut in November cannot be ignored. It is expected that by the end of 2025, the Fed will have cut interest rates by about 150 basis points in total. (Jinshi)