[UBS: The Federal Reserve is unlikely to raise rates consecutively; the market's pricing of the tightening path is overly aggressive] BlockBeats News, September 25, UBS Chief Investment Officer Mark Haefele and his team stated that the market's pricing of the Federal Reserve's tightening path is overly aggressive, and the actual rate hike magnitude may be lower than expected. After the 10-year U.S. Treasury yield surpassed 5.1%, federal funds futures indicated a 70% probability of a rate hike in October. However, UBS's baseline scenario remains that the Federal Reserve will raise rates once more in December and then maintain rates unchanged. UBS expects the U.S. Bureau of Economic Analysis's annual revisions to lower core PCE inflation by 0.2 percentage points, coupled with favorable base effects in the first half of next year, potentially leading to a steady decline in inflation over the next six months. The median rate forecast from Federal Reserve officials also suggests that rates will remain unchanged throughout 2027, weakening the foundation for consecutive significant rate hikes. UBS also noted that the U.S. composite PMI rose to 58.4 in September, indicating resilient economic activity, which is favorable for corporate revenue and profit growth. The institution maintains a "attractive" rating for fixed-income assets and forecasts S&P 500 earnings growth of 25% this year and 14% in 2027. As for gold, UBS believes it still faces short-term pressure from high interest rates and a strong dollar but views a pullback in gold prices to around $4,000 per ounce as a buying opportunity, projecting an increase to $5,400 per ounce by around September 2027.