Guangfa Securities: Maintains judgment that the Fed will cut interest rates about 2 times this year, each time by 25 basis points

On September 9, Jinshi Data reported that Guosen Securities research report pointed out that on the day when the US non-farm data for August was announced, Federal Reserve Director Woll and New York Federal Reserve President Williams provided key guidance on future monetary policy. Woll’s speech was generally hawkish. Although he also mentioned that if the data deteriorates, he will support continuous interest rate cuts, but at this stage, he still supports cautious interest rate cuts. Williams mentioned in the Foreign Relations Committee event on that day that monetary policy will gradually shift to neutral over time, implying that the Fed’s interest rate cut in September should be cautious. Woll and Williams’ speeches overall align with the judgment of a soft landing for the US economy, maintaining the judgment that the Fed will start cutting interest rates in September, cut interest rates about twice this year, and each time by 25bp.