Core Viewpoint - HSBC Global Research economist Ryan Wang indicates that there remains a divergence among Federal Reserve officials regarding the future path of interest rate cuts, predicting a target range of 3.5%-3.75% by the end of 2026 [1] Summary by Relevant Categories Interest Rate Predictions - HSBC maintains its previous forecast that the Federal Reserve will implement two more rate cuts of 25 basis points each, one in December of this year and another in March of next year [1] - The target interest rate range is expected to decrease to 3.5%-3.75% [1] Labor Market Considerations - If the labor market conditions worsen, particularly with an increase in unemployment claims, the Federal Reserve may consider an additional rate cut of 25 basis points in October of this year or a larger cut next year [1]