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Macquarie expects the Federal Reserve to raise interest rates by another 50 basis points, with a 25 basis point hike each in December and the first quarter of 2027. AI interpretation: The institution's prediction of the Federal Reserve's monetary policy path tends to be aggressive, directly challenging the current market consensus on interest rate peaking. This repricing of the pace of future interest rate hikes has significantly raised market expectations for a tightening cycle. This viewpoint clearly points out that the time span for interest rates to remain high will exceed previous expectations, directly suppressing the valuation space of risk assets. This prediction reinforces the market's judgment that the Federal Reserve will maintain a tough stance to combat inflation, forcing investors to reassess the risk premium of asset allocation.