CITIC Securities: The Federal Reserve will cut interest rates by 25bps at the December meeting

ChainCatcher news, CITIC Securities pointed out that in November 2024, the number of new non-farm jobs in the United States slightly exceeded expectations, with healthcare services, leisure and hospitality, and government sectors being the main contributors, while retail was the main drag. After the impact of hurricanes and strike events dissipated, the non-farm employment data for November rebounded as expected. The unemployment rate has risen slightly, indicating a moderate weakening in the U.S. job market, but wage growth remains robust and there has been no significant layoffs by companies, keeping the overall job market healthy.

After the release of the non-farm data, the market raised its expectations for the Federal Reserve's interest rate cuts. We believe that the market's expectations for a "soft landing" of the U.S. economy will last at least until next year before Trump's inauguration, and we maintain our previous judgment that the Federal Reserve will cut rates by 25bps at the December meeting. (Jin Shi)