PGIM's chief economist for the United States, Bochelli, stated that due to the slowdown in cyclical recruitment over the past few months, the United States' attention has shifted from inflation to a relaxed labor market, allowing the Federal Reserve to begin lowering interest rates in September. It is expected that the Federal Reserve will announce a rate cut at tonight's meeting. There may be another rate cut in December's meeting, and the possibility of a rate cut in November cannot be ignored. It is expected that by the end of 2025, the Federal Reserve will have accumulated a cut of about 150 basis points.