睿盛银行：预期美联储明年降息3次，维持对股票长期升势的看法

Core Viewpoint - The bank anticipates that the Federal Reserve will continue to implement moderate interest rate cuts next year, with expectations of three rate cuts in 2024 due to economic growth being suppressed by tariff issues [1] Economic Outlook - The U.S. economy is expected to experience a slight slowdown in growth in 2026 compared to 2025, despite low interest rates and AI investments offsetting some negative impacts [1] - The outlook for the stock market remains positive in the long term, supported by corporate earnings and a low interest rate environment, although the outlook for the coming year appears more challenging due to high valuations and weak global economic prospects [1] Market Dynamics - The ability of companies to continue delivering convincing earnings growth to meet high market expectations will be a critical factor, potentially increasing market volatility [1] - In unstable periods, the U.S. dollar remains a popular safe-haven asset, and any unexpected sudden appreciation of the dollar could lead to the need for some dollar short positions to be closed, resulting in a counterproductive effect that would push the dollar higher [1]