According to Jinshi report, CITIC Securities said that since 1989, the triggers for the Federal Reserve’s interest rate cuts can be divided into risk management-style interest rate cuts and passive interest rate cuts in response to sudden crises. As long as there is no major sudden crisis in the current macro environment and geopolitics, the Fed is likely to cut interest rates in this round of risk management-style cuts. CITIC Securities believes that the benchmark trigger for this Fed interest rate cut is confirmation of the trend of inflation returning to 2%. It is expected that this round of interest rate cuts and its impact on major asset classes may be most similar to the 1995 interest rate cut cycle. We need to be wary of the number of interest rate cuts by the Fed during the year. The risk of falling short of market expectations.