[UBS: Still expects the Federal Reserve to cut interest rates by 50 basis points later this year] Jin10 Data reported on April 17 that a UBS research report pointed out that the Federal Reserve remains on a path toward further easing. Federal Reserve Chairman Powell recently downplayed the necessity of tightening monetary policy due to rising energy prices, noting that policymakers typically "ignore" supply shocks such as surging oil prices, especially when inflation expectations remain firmly anchored. While the Federal Reserve is still seeking further evidence of sustained declines in core inflation before implementing additional easing measures, we still expect a 50 basis point rate cut later this year. Given that U.S. Treasury yields remain significantly higher than pre-conflict levels, we believe there is ample room for them to decline. Our year-end targets for 2-year and 10-year Treasury yields are 3.25% and 3.75%, respectively.