Huatai Securities: Maintains the forecast that the Federal Reserve will cut interest rates twice more this year.

Huatai Securities research report states that on the evening of August 22nd Beijing time, the Chairman of the Federal Reserve gave a speech entitled "Monetary Policy and Federal Reserve Evaluation Framework" at the Jackson Hole annual meeting, providing guidance for another rate cut in September, and announcing the revised monetary policy framework of the Federal Reserve. Powell's speech released a clear signal for a rate cut in September, and Huatai Securities maintains its forecast of two more rate cuts this year. The most crucial indicator for the Federal Reserve's rate cut path will be non-farm data.