[CITIC Securities: No Further Rate Cuts Expected During Powell's Term] Jin10 News, February 12 – A research report by CITIC Securities pointed out that it still expects no further rate cuts during Powell's term. It believes that after Walsh assumes the role of Federal Reserve Chair, the baseline scenario in the second half of the year will involve 1 to 2 rate cuts of 25bps each. Walsh is unlikely to implement significant rate cuts as demanded by Trump and will continue to base decisions primarily on economic fundamentals. While Walsh is attentive to inflation risks, he is not an absolute hawk. The baseline scenario for the second half of the year involves 1 to 2 rate cuts, with the core determinant being the trajectory of inflation.