[Huatai Securities: The Federal Reserve Cuts Interest Rates by 25bp as Expected, Future Rate Cuts May Pause] Huatai Securities pointed out that in the early hours of December 11 (UTC+8), the Federal Reserve announced its December meeting decision, cutting interest rates by 25bp as expected and initiating Reserve Management Purchases (RMPs). The dot plot maintained guidance for one rate cut each in 2026 and 2027, with Powell's remarks leaning dovish. Considering the gradual improvement in the job market, Huatai Securities expects the Federal Reserve may pause rate cuts in the future.