On August 6, SWBC Chief Investment Officer Chris Brigati said that he is still skeptical about the Fed's interest rate cut this year. The most likely scenario is that interest rates will only be cut once this year, or even zero, more likely. The Federal Reserve maintains a high degree of consistency in policy communication and is careful and patient with the decision-making process. This week, Trump will have the opportunity to appoint new Federal Reserve Board members, which will change the distribution of voting members' positions within the Federal Reserve. Brigati also said that the core reason for his reservations about cutting interest rates is still the persistent problem of inflationary stickiness. The Federal Reserve has emphasized many times that it is paying close attention to inflationary stickiness. Although they have been downplaying the impact of employment data until now, their attitude seems to have loosened recently. However, unless we see more clear signs of deterioration in the job market, interest rate cuts will be very limited. Currently, we can only refer to the latest non-agricultural data, which is a limited indicator, but what is really worrying is that inflation may continue to be high or even increase. If the Federal Reserve cuts interest rates while inflation remains high or picks up, it will inevitably trigger new policy difficulties.