According to Jin Ten, China Galaxy Securities released a research report showing that considering the performance of the US economy at the end of 2024 and the current economic data, the US economy has shown a certain growth momentum and resilience. Since taking office on January 20, Trump has quickly signed a series of executive orders. His policy style emphasizes protectionism and economic nationalism, but he often bypasses Congress to advance the agenda through executive orders, so his implementation process also faces many political and legal resistance. Taking these factors into account, it is expected that the Federal Reserve will take a more cautious path of interest rate cuts in 2025, with interest rate cuts ranging from 0.25% to 0.50% for the whole year.