Steve Boothe, managing director of Pimco's Investment Grade Bond group and Fixed Income Fund Manager, stated that the market's overall expectations for rate cuts are too high. Currently, Pimco holds a slightly optimistic view on the overall economic situation compared to the market. There are currently no conditions leading to an economic recession, although economic growth is slowing down, the overall situation is relatively good. Therefore, it is expected that the Federal Reserve will cut interest rates twice more this year, by 25 basis points each time, for a total of 6 cuts by the end of next year. There are signs that the economy may pick up again in the first quarter of next year, driven by factors such as a rebound in commodity prices and possible improvements in the real estate and investment cycles. The resurgence of economic activity may increase inflationary pressures. However, it is expected that the Federal Reserve will remain patient and not aggressively raise interest rates in response. Looking ahead, the US elections will be an important event that investors will closely monitor. It is expected that there will be volatility during the election period, as investors may seek to hedge their positions. If the outcome of the US elections leads to a divided government, it may be the scenario that the market most welcomes.