Minsheng Securities said that the probability of the Federal Reserve suspending interest rate cuts in the middle of next year has increased. Unemployment remains low, coupled with the decline in inflation, the Federal Reserve may cut interest rates two to three times next year, and may suspend interest rate cuts in the second half of the year. In a small probability scenario, too much tariff and immigration policy may cause US stocks to fall and the US economy to decline significantly, so there may be more interest rate cuts next year. (Jin Ten)