PANews reported on January 31 that according to Jinshi, the Fed decided to keep its policy unchanged at the January FOMC meeting, maintaining the benchmark interest rate at 4.25%-4.5%, which is in line with market expectations. Will there be further rate cuts? CICC's research report believes that there is no need to conclude that the Fed will not be able to cut interest rates in the future. From the perspective of the reflexive effect of interest rates, the less expected a rate cut is, the more likely it is to help the Fed cut interest rates, just like the more worried about a recession in September last year, the less likely it was to have a recession. Therefore, the current view that the Fed cannot cut interest rates is the same as the view in September that the Fed needs to cut interest rates continuously and significantly.