CICC predicts: The Federal Reserve will not cut interest rates in January.

On January 14th, Zhongjin Company released a research report stating that mild inflation data was not enough to push the Fed to cut interest rates again. After three rate cuts in 2025, the current policy rate is close to the neutral rate level. At the same time, December non-farm payroll data showed that although the labor market is still cooling, it has not significantly deteriorated, making it difficult to provide sufficient reasons for a rate cut.