CICC: The Federal Reserve may only cut interest rates once this year in the fourth quarter. According to a research report by CICC, the Fed's May meeting to maintain interest rates unchanged is in line with expectations. The monetary policy statement acknowledges inflation stickiness, while Powell expressed insufficient confidence in rate cuts, indicating that the threshold for the Federal Reserve to cut rates has significantly increased. Powell also rejected the interest rate hike option and announced that the scale reduction was about to slow down, which relieved the market. Overall, we believe that Powell's guidance this time is quite reasonable. He did not guide interest rate cuts as before, which is the correct approach and a good thing for the market. We maintain our previous judgment that the Federal Reserve may only cut interest rates once this year, in the fourth quarter.