Tianfeng Securities released a research report that the market is expected to cut interest rates strongly. At the beginning of the week, after the release of the US non-farm payrolls data in November, the market's expectation of the Federal Reserve's December interest rate cut of 25 basis points rose to 86%. The interest rate cut expectation further increased during the year. Subsequently, the US CPI data in November was in line with market expectations. The market expected the Federal Reserve to cut interest rates in December to be close to 100%. At the same time, the market also increased the bet on the Federal Reserve's interest rate cut in January next year.