UBS believes that the Federal Reserve is still likely to cut interest rates by another 50 basis points this year. The US non-farm job growth in December last week was much higher than expected, and the market generally expects the Federal Reserve to not cut interest rates again before June this year, and the number of rate cuts of 25 basis points for the whole year may be less than two. The team of UBS strategists led by Mark Haefele agreed that the latest employment data may make Fed officials more concerned, US inflation may not fall back to the local target of 2%, so there will be no rush to cut interest rates. However, UBS still believes that the US economy will continue to slow down, and eventually inflation will decline in an orderly manner, approaching 2%. At that time, the Federal Reserve will cut interest rates twice, each by 25 basis points. (Golden Ten)