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The Bank of America research report stated that there is insufficient reason for the Federal Reserve to cut interest rates in September, as the current inflation rate is still above the 2% target, and the increase in tariffs may exacerbate price pressures. Bank of America warns that premature interest rate cuts may lead to an easing cycle before inflation reaches its peak, and maintains its forecast of 'no interest rate cuts this year'. At the same time, it is pointed out that the downward revision of non farm employment data may increase the risk of passive interest rate cuts due to the deterioration of the labor market.