The Huatai Securities Research Report said that at the October meeting, Walsh gave better communication about the Federal Reserve's decision to keep interest rates unchanged, and interest rates on long-term bonds have basically remained stable. Looking ahead, maintaining the previous view, the Federal Reserve will raise interest rates by 25 bps again at the December meeting. On the one hand, forward-looking indicators indicate that non-agricultural agriculture may be weak in October, but there may be a recovery at the end of the year; however, the US-Iran conflict is at a risk of escalating, oil prices are high, and short-term inflationary pressure is high. On the other hand, although financial conditions have recently been tightened, Walsh believes that current credit conditions can hardly be called “austerity,” which means that the Federal Reserve may raise interest rates further, which is also in line with the guidelines of the September bitmap.

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