[CICC: The Federal Reserve is expected to continue cutting interest rates in 2026, with the next rate cut possibly in March] The Federal Reserve cut interest rates by 25 basis points at its December meeting, with the number of officials opposing the rate cut increasing to two. Powell's stance was not overly hawkish, and the Fed announced it would initiate short-term Treasury bill purchases. Given the ongoing downward pressure on the economy and employment, CICC expects the Federal Reserve may continue cutting interest rates in 2026. Considering the persistent stickiness of inflation, the pace of rate cuts is likely to slow, with no action expected in January, and the next rate cut possibly occurring in March.