The minutes of the Federal Reserve's September meeting will be released at 2:00 a.m. this Thursday. SEB said, "In addition to the rate cut at the September meeting, we also obtained new economic forecasts, pointing to a soft landing for the U.S. economy in 2026, with economic growth of around 2% and inflation close to the target level." The interest rate forecast shows that there will be two 25 basis point rate cuts before the end of this year and a 100 basis point rate cut in 2025. In the minutes, it will be interesting to discuss the pace of future rate cuts and the factors that may trigger faster rate cuts. Given that the rate cut cycle has now begun, it will also become more interesting to discuss how the discussion on long-term interest rates will proceed and when and at what level they are expected to bottom out. (Jinshi)