CITIC Securities: The Federal Reserve will cut interest rates by 25bps in September, and will cut another 25bps each in October and December.

BlockBeats News, on September 8, a research report from CITIC Securities stated that the U.S. non-farm payroll data for August weakened again. The July unemployment rate to three decimal places rose to 4.248%, and the August unemployment rate to three decimal places increased to 4.324%. The one-decimal unemployment rate recorded 4.3%, in line with market expectations. The increase in non-farm employment in August was significantly below expectations, with both government and private sectors weakening. In addition, this week’s U.S. employment data, such as ADP and PMI employment sub-indices, also weakened across the board, confirming previous views: the U.S. job market is not as healthy as the surface data suggests, and the cooling trend in the U.S. job market continues, with the economy continuing to weaken, but not to the point of immediate recession. For the Federal Reserve, job market risks will rise again. CITIC continues its previous view, expecting the Federal Reserve to cut interest rates by 25bps at the September FOMC meeting, and to cut another 25bps in both October and December.