[Institution: The Federal Reserve is expected to cut interest rates only twice next year] Jin10 Data reported on November 18 that Christian Lenk, an analyst at DZ Bank, stated in a report that the Federal Reserve is expected to cut interest rates by 25 basis points in December, followed by more cautious actions. He predicts that the Federal Reserve will only cut interest rates twice next year, in March and June, with each cut being 25 basis points. DZ Bank expects that despite the Federal Reserve's rate cuts, rising inflation will continue to push up the yield on 10-year U.S. Treasury bonds. Due to the temporary impact of tariffs and massive government deficits, U.S. inflation is expected to rise in the coming quarters. The long end of the yield curve may climb further, but the ultimate yield is unlikely to deviate significantly from current levels. The yield on 10-year U.S. Treasury bonds is expected to rise to 4.50% within the next three months (currently at 4.103%) and reach 4.60% within six months.