The Federal Reserve's January FOMC meeting decided to stay put and maintain the base rate unchanged at 4.25% -4.5%, in line with market expectations. Can interest rates be cut in the future? China International Capital Corporation Research Report believes that there is no need to think that the Federal Reserve cannot cut interest rates in the future. From the perspective of the reflexive effect of interest rates, the less expected interest rate cuts at present will help to cut interest rates, just as the more worried about recession in September last year, the less likely it will be. Therefore, the current view that interest rates cannot be cut is the same as the September view that the Federal Reserve needs to cut interest rates sharply in a row. (Jin Ten)