[CICC: The Federal Reserve is still expected to cut rates twice in 2026, with the first cut possibly delayed to the second quarter] CICC's research report states that the Federal Reserve kept interest rates unchanged at its January meeting, in line with market expectations. Governor Waller cast a dissenting vote, possibly related to his desire to be nominated as the next Federal Reserve Chair. The monetary policy statement noted that 'the unemployment rate has stabilized,' and Powell stated that monetary policy is 'in the right place,' indicating that the threshold for another rate cut in the short term has been raised. Beyond this, Powell provided little guidance and avoided other questions unrelated to rate-setting. We believe the Federal Reserve is still expected to cut rates twice in 2026, but the first rate cut may be delayed to the second quarter. The core issue of the U.S. economy is not insufficient growth but rather income distribution imbalances and affordability pressures on ordinary households. These structural issues cannot be resolved solely through monetary policy and may instead prompt the government to adopt more non-market interventionist policies to address voter concerns.