CITIC Securities: The Federal Reserve will cut interest rates by 25bps twice this year

Odaily Planet Daily Report: According to a research report by CITIC Securities, the U.S. non-farm payroll growth in October 2024 was lower than expected, with healthcare services and government sectors being the main contributors, while durable goods manufacturing and temporary help services were the main drags. The October non-farm data was significantly disrupted by the impact of Hurricanes Helene and Milton, as well as the Boeing strike. Overall, the U.S. job market is moderately weakening, but wage growth remains robust and there is no sign of large-scale corporate layoffs, indicating a healthy job market. The October non-farm data continues to provide evidence for a "soft landing", and we maintain our previous judgment that the Federal Reserve will have two more 25bps rate cuts this year. (Gold Ten)