[Jefferies Expects the Federal Reserve to Cut Interest Rates in January Next Year] Jefferies economist Mohit Kumar stated that although the tone of the latest Federal Reserve meeting minutes was relatively hawkish, the Fed overall remains on an accommodative path. Even if rates are held steady in December, a rate cut is expected in January next year. In the coming months, the Fed's decisions may focus more on employment data. The baseline scenario predicts moderate slowing in job growth and an increase in the unemployment rate to 4.5%, which aligns with the Fed's path of easing monetary policy and steering interest rates toward a neutral level.