[The Federal Reserve may lower interest rates less than expected in this easing cycle] Franklin Templeton Investments analyzed that the U.S. economy is showing robust growth, with consumer spending remaining strong. However, inflationary pressures may limit the extent of interest rate cuts by the Federal Reserve in this easing cycle. It is expected that the terminal policy rate may exceed the market's general expectation of 3%, reaching above 3.5%. Additionally, the financial condition of U.S. companies has improved, default rates remain at relatively low levels, and the outlook for the non-investment-grade bond market is still optimistic.