Huatai Securities said that since the Federal Reserve's May meeting, growth and inflation data have cooled but remain resilient, and the market's interest rate cut expectations have not changed much. It is expected that the FOMC Federal Reserve's guidance on interest rates in June will not deviate significantly from market expectations, but the dot plot may adjust the interest rate cut expectations from 3 to 2 times this year, and the end point of the interest rate cut may be revised up. The June interest rate meeting is likely to have little disturbance to market expectations. The Fed's follow-up interest rate cut path mainly depends on the follow-up inflation and employment data. The Fed still hopes and may cut interest rates in September-November.