机构：仍不认为美联储今年会降息 通胀粘性仍是关键问题

Core Viewpoint - The Chief Investment Officer of SWBC, Chris Brigati, remains skeptical about the Federal Reserve's potential interest rate cuts this year, suggesting that only one cut is likely, or even none at all [1] Group 1: Federal Reserve's Stance - The Federal Reserve maintains a consistent communication strategy and approaches decision-making with caution and patience [1] - The upcoming opportunity for Trump to appoint a new Federal Reserve governor may alter the voting member distribution within the Fed [1] Group 2: Inflation Concerns - Brigati's skepticism regarding interest rate cuts is primarily due to persistent inflationary pressures, referred to as "sticky inflation" [1] - The Federal Reserve has repeatedly emphasized its concern over sticky inflation, which remains a critical factor in their decision-making [1] Group 3: Employment Data and Rate Cuts - Although the Fed previously downplayed the impact of employment data, there seems to be a recent shift in their stance [1] - Without clear signs of deterioration in the labor market, any potential interest rate cuts are expected to be limited [1] Group 4: Economic Indicators - Currently, the only available indicator for reference is the latest non-farm payroll data, which is seen as insufficient [1] - There are concerns that inflation may remain elevated or even worsen, which could complicate the Fed's policy decisions if rate cuts are implemented under such conditions [1]