According to Odaily Planet Daily, John Luke Tyner, head of fixed income at Aptus Capital Advisors, stated that given the Fed's shift to focusing on the labor market and signs of easing price pressures, two more rate cuts by the Fed in 2025 are almost certain. However, as we enter 2026, the sustainability of this rate-cutting cycle will be questioned. The market expects the Fed to cut rates approximately three times in 2026, which would bring the federal funds rate down to around 3%. As the easing policy gradually transmits (with a time lag), we are concerned that the economy could reaccelerate, while other factors such as energy prices would bottom out and rise, which could cause inflation data to bottom out (or rebound) again. (Jinshi)