The Deputy General Manager of Schroders Global Fund Management (China), An Yun, expects that 2025 is likely to mark the end of the Fed's rate-cutting cycle, with 2026 possibly seeing the beginning of a hiking cycle. This will mainly depend on the strong condition of the US economy itself. While a weaker US dollar may benefit the mid-term development of the US economy, inflation expectations remain one of the key factors determining the short-term policy direction of the Fed. Based on the current economic conditions, corporate profits and inflation expectations in the US, Schroders Global believes that 2025 is likely to witness the bottom of this round of rate cuts. Furthermore, if Trump returns to office, changes in US policy may affect the global economy and geopolitical landscape, which still poses significant uncertainty. The market may not have fully digested these risks yet. However, looking at the short-term trends of US treasuries and the US dollar, the market still has high expectations for US economic growth and inflation, which may lead to corrections in the future.