中信证券：依旧预计鲍威尔任期内美联储将不再降息

Core Viewpoint - CITIC Securities maintains the expectation that the Federal Reserve will not lower interest rates during Powell's term, with potential rate cuts anticipated only after the appointment of a new chairperson, such as Waller, in the second half of the year [1] Employment Data - In January 2026, the U.S. added more non-farm jobs than expected, with the unemployment rate falling to 4.3% [1] - The education and healthcare sectors were significant contributors to the increase in private sector employment [1] Market Reactions - Prior to the release of the January non-farm report, the market was focused on the potential revision of the 2025-March benchmark value, with concerns that annual revisions could exceed one million [1] - However, the final value, which was close to the initial estimate, did not cause significant market disruption; instead, the stronger-than-expected employment data led to a downward adjustment in rate cut expectations [1]