[Guotai Haitong Expects the Federal Reserve to Cut Rates by 25 Basis Points in September] Guotai Haitong Securities released a report stating that Federal Reserve Chairman Powell's speech at the Global Central Bank Annual Meeting signaled a dovish shift. It is expected that the Federal Reserve will cut rates by 25 basis points in September, with a maximum of two rate cuts for the year, totaling approximately 50 basis points. The report pointed out that the downside risk to U.S. employment is increasing, and monetary policy may shift, but the pace of rate cuts will remain cautious.