[Institution: The Federal Reserve Will Hold Steady This Year, Next Move Will Be a Rate Cut] Jin10 Data reported on May 8 that BlueBay Chief Investment Officer Mark Dowding stated in a report that the institution still expects the Federal Reserve to maintain its policy unchanged in 2026. However, as inflation begins to decline in 2027, it is increasingly convinced that the next move in U.S. interest rates will be a cut rather than a hike. Dowding noted that the yield on U.S. 5-year Treasury bonds is unlikely to consistently exceed 4%. Based on this judgment, BlueBay has shifted its medium-term U.S. inflation-protected Treasury securities (TIPS) breakeven inflation trades to directly going long on inflation-linked bonds.