Brian Martin, Head of G3 Economies Research at ANZ Bank, stated that the Federal Reserve may keep interest rates unchanged in January, but the view that the rate-cutting cycle will be paused for a long time lacks reasonable basis. He expects the Federal Reserve to lower the federal funds target rate by 25 basis points in March, cut another 25 basis points in June, and reduce the target rate to 3%-3.25% by mid-year. Martin pointed out that U.S. inflation will gradually ease in 2026.