On August 6, SWBC chief investment officer Chris Brigati said that he was still skeptical about the Federal Reserve cutting interest rates this year. The most likely scenario is that there will be only one interest rate cut this year, or even zero interest rates. The Fed maintains a high degree of consistency in policy communication and remains cautious and patient with the decision-making process. This week Trump will have the opportunity to appoint new Fed governors, which will change the distribution of voting members within the Fed. Brigati also said that the core reason for his reservations about interest rate cuts remains the lingering issue of inflationary stickiness. The Federal Reserve has repeatedly emphasized its high concern about inflation stickiness. Although they have previously downplayed the impact of employment data, their attitude seems to have loosened up recently. However, unless more clear signs of a deterioration in the job market are seen, the rate cut will be very limited. At present, we can only refer to the latest non-agricultural data as a limited indicator, but what is really worrying is that inflation may remain high or even intensify. If the Federal Reserve cuts interest rates when inflation remains high or rebounds, it will inevitably lead to new policy dilemmas.