[The US Fed is in no hurry to initiate an interest rate cut cycle] After Powell reiterated last week that the US Fed would adopt a wait-and-see approach toward easing monetary policy, traders significantly adjusted their related bets, expecting the benchmark interest rate to fall by less than 75 basis points (≤three rate cuts) in 2025, with the first rate cut not expected to occur until July at the earliest. At that time, Fed Chairman Powell had stated that due to President Trump's across-the-board tariff hikes, the risks of rising inflation and unemployment had intensified while policymakers sought greater clarity on trade policies. Of course, whether this expectation holds true will also depend on the performance of the US economy and inflation data in the coming weeks. Details from the China-US trade negotiations over the weekend and the Consumer Price Index (CPI) released on Tuesday may still prompt investors to reevaluate their latest views.