每日机构分析：12月11日

Group 1 - The Federal Reserve has reduced interest rates by 25 basis points, acknowledging a cooling labor market, but internal divisions are evident, with a more hawkish stance than market expectations for 2026 [2][3] - The Philippine economy is weakening, with expectations of two additional rate cuts of 25 basis points each, bringing the policy rate down to 4.00% by the end of 2026 [2] - The Swiss National Bank is expected to maintain its interest rate at 0%, with a trade agreement easing pressure for rate cuts, while inflation is anticipated to rise moderately [2][3] Group 2 - Morgan Stanley predicts only a 25 basis point rate cut from the Federal Reserve in 2026, significantly lower than the market's expectation of 50 basis points, depending on labor market trends [3] - Allianz Investment Management highlights that the current Federal Reserve chair, Powell, may have executed his last rate cut, with significant progress made in combating inflation, but challenges remain for the next chair [3] - Apollo's CEO states that the U.S. economy does not require further rate cuts, citing structural factors that may elevate long-term inflation risks [3]