CITIC Securities: The Federal Reserve will cut interest rates by 25bps at its December meeting

Odaily Planet Daily Report: China International Capital Corporation (CICC) pointed out that the U.S. non-farm payroll employment in November 2024 was slightly higher than expected, with the healthcare services, leisure and hospitality, and government sectors being the main contributors, and the retail sector being the main drag. After the impact of hurricanes and strikes dissipated, the non-farm employment data rebounded as expected in November. The unemployment rate has risen slightly, and the U.S. job market is moderately weakening, but wage growth remains robust and there is no phenomenon of large-scale layoffs by enterprises, and the job market remains healthy overall. After the release of the non-farm data, the market revised up its expectations for the Fed's rate cuts, and we believe that the market's expectations for a "soft landing" of the U.S. economy will at least continue until before Trump's inauguration next year, and we maintain our previous judgment that the Fed's December policy meeting will cut rates by 25bps. (Gold Ten)