CITIC Securities: The Federal Reserve will cut interest rates by 25bps twice this year

Odaily News CITIC Securities Research Report pointed out that the number of new non-farm jobs in the United States in October 2024 was lower than expected, with healthcare services and government departments being the main contributors, and durable goods manufacturing and temporary help services being the main drags. Affected by Hurricanes Helene and Milton and the Boeing strike, the October non-farm data was greatly disturbed. Overall, the U.S. job market weakened mildly, but wage growth remained robust and there was no large-scale layoffs by companies. The job market remained healthy, and the October non-farm data continued to add evidence for a "soft landing". We maintain our previous judgment that the Federal Reserve will have two more 25bps interest rate cuts this year. (Jinshi)