[Huatai Securities: The Federal Reserve May Need to Raise Interest Rates Next Year] Jin10 News, May 20 – A research report from Huatai Securities states that it will indeed be difficult for the Federal Reserve to cut interest rates again in the second half of this year. Based on current trends, there may be a need for rate hikes next year. Huatai Securities' latest baseline assumption is that the Federal Reserve will keep policy rates unchanged this year, but its guidance will lean more hawkish than before. The neutral forecast for next year is two rate hikes, which is higher than current market expectations, primarily based on a relatively optimistic baseline assumption for nominal growth. However, this forecast still faces numerous uncertainties, including the fundamentals of the U.S. economy, geopolitical changes, and global growth.