小摩：不要对美联储降息抱太大期望

Core Viewpoint - Morgan Stanley suggests that expectations for interest rate cuts by the Federal Reserve should be tempered, as rates are likely to remain unchanged until the end of the year [1] Summary by Relevant Sections - Interest Rate Outlook - David Kelly, Chief Global Strategist at JPMorgan Asset Management, indicates that the Federal Reserve may maintain current interest rates through the end of this year [1] - There is an expectation that inflation could rise due to tariffs, potentially leading to a decrease in inflation only by 2026 [1] - Economic Projections - It is anticipated that by the end of next year, the economy will cool down, and inflation may also decrease, which could lead to lower interest rates in the future [1] - Current Federal Reserve Stance - The current sentiment is that there is no immediate intention from the Federal Reserve to provide lower interest rates, suggesting that investors should not hold their breath for such changes [1]