According to reports from Jinshi Data, Citic Securities research pointed out that it is expected that there will be no interest rate cuts during Powell's term, while after Waller takes office as the Chairman of the Federal Reserve, there may be 1 to 2 rate cuts in the second half of the year, each by 25 basis points. Waller will not make significant rate cuts at Trump's request, but will base decisions mainly on economic fundamentals. Waller is concerned about inflation risks, but is not absolutely hawkish; the core of interest rate cuts depends on inflation trends.