Huatai Securities: It is expected that the Federal Reserve will suspend interest rate cuts from January to May and cut rates 1-2 times after the new chairman takes office Odaily Planet Daily News: Huatai Securities Research reported that the United States added 50000 non farm jobs in December, lower than Bloomberg's unanimous expectation of 70000, with a cumulative decrease of 76000 from October to November. Although the unemployment rate has declined to some extent, the significant downward revision in the first two months has caused the three-month average of non farm payroll additions in the private sector to fall to a low of 29000, and the structure has further become imbalanced. Looking ahead, maintaining the judgment that the job market will gradually improve in the future, paying attention to the "temperature difference" between economic growth and employment; We expect the Federal Reserve to pause interest rate cuts from January to May, and to cut rates 1-2 times after the new Fed chairman takes office. The new non farm employment in December fell short of expectations and was concentrated in a few industries: according to the employment diffusion index, there was a slight decline in December compared to November. Considering that most of the recent initial applications have been better than expected, the number of layoffs has slightly decreased, and the leading indicator NFIB companies' recruitment willingness continues to improve, it is still expected that there will be a slight rebound in the addition of non farm payroll in the United States. Pay attention to the "temperature difference" between US economic growth and the job market. From the perspective of the Federal Reserve, although the employment data is weak, it has not continued to deteriorate. It is expected that the Fed will temporarily postpone interest rate cuts at its January meeting, emphasizing the need to observe subsequent data before making decisions. Therefore, it is expected that the Federal Reserve will temporarily suspend interest rate cuts from January to May, and will cut rates 1-2 more times after the new Federal Reserve chairman takes office. (Golden Ten)