According to a CITIC Securities research report, the Federal Reserve will cut interest rates by 25 basis points at its September 2025 meeting, in line with market expectations. Powell stated that this was a risk-management rate cut, favoring the labor market's downside risk within its dual mandate. The dot plot indicates another 50 basis points of rate cuts this year, in line with expectations. CITIC Securities continues to expect the Fed to cut rates by another 25 basis points at its October and December meetings. The interest rate path for 2026 will become clearer once the final selection of the new Fed Chair is finalized. Market-wise, after the rate cut, US Treasuries saw a resurgence of the "buy anticipation + sell reality" trend, while US stocks continued to rally, with the Dow Jones and small-cap stocks performing well. It is recommended to downplay the guidance provided by this meeting on the path of interest rates next year. The US dollar is expected to remain weak during this round of rate cuts, and gold is expected to continue to perform well. (Jinshi)