On February 12th, Golden Ten Data reported that TD Securities has postponed its forecast for the next Fed rate cut from March to June, and still expects three rate cuts within the year, with a cumulative reduction of 75 basis points to the terminal interest rate of 3% this year. TD Securities expects the Federal Reserve to conduct a 25 basis point rate cut in June, September, and December respectively. The team led by Oscar Munoz, the chief US macro strategist of the institution, stated that the expected policy easing is not due to deteriorating economic conditions, but rather the result of monetary policy moving towards "normalization" as inflation gradually returns to target levels. The improvement in employment prospects should enable the Federal Reserve to shift its focus to the inflation task. The institution also predicts that US bond yields will continue to decline this year, with the 10-year yield dropping to 3.75% by the end of the year (previously expected to be 3.5%).