[Institution: Fed Expected to Raise Rates by Another 25bps This Year, Likely to Hold Steady Next Year] According to a report by Jinse Finance on September 17, a research note from CITIC Securities suggests that the Federal Reserve raised rates by 25bps in September as expected, while also revising upward its growth and inflation forecasts for this year. The dot plot and comments from Waller both conveyed hawkish signals. Strong market expectations have made the rate hike a natural choice for the Fed. The pace and magnitude of subsequent rate hikes will largely depend on oil prices, which are difficult to predict. However, given that the year-over-year overall inflation rate may decline significantly by early next year, the rationale for continued rate hikes should weaken by then. CITIC Securities predicts that the Fed will raise rates by another 25bps this year and is likely to hold steady next year. Currently, U.S. financial conditions are unlikely to ease meaningfully, and under the growth narrative, investors should focus on assets supported by fundamentals rather than those merely benefiting from liquidity.