[CITIC Securities: The Federal Reserve May Have To Wait Until March To Give Clearer Guidance] CITIC Securities Research Report Pointed Out That The Number Of New Non-farm Jobs In The United States In December 2024 Was Significantly Higher Than Expected, And The Number Of New Non-farm Jobs In The United States Was Significantly Higher Than Expected, And The Health Care Services, Leisure And Hotel Industries, And Retail Industries And Government Departments Are The Main Contributors. The Unemployment Rate Fell In December, Wage Growth Was Solid, And The Overall Job Market Will Remain Healthy In 2024. In 2024, Immigrants To The United States Will Contribute Significantly To New Jobs, And The Level Of New Jobs Throughout The Year Will Be Lower Than In 2023 And Roughly The Same As In 2018. However, After Trump Returns To The White House, If His Immigration Policy Is Implemented, We Expect That The Number Of New Jobs In The United States Will Decrease In 2025. After The Release Of Non-farm Payrolls Data In December, The Market Lowered Its Expectations For An Interest Rate Cut By The Federal Reserve. We Believe That The Current Market Pricing Of The Fed's Interest Rate Cut Expectations In The Second Half Of This Year Has Limited Significance. We Maintain Our Previous View: The Federal Reserve Will Suspend Interest Rate Cut Observations At The January Interest Rate Meeting, And May Need To Wait Until The March Meeting To Give Clearer Guidance. However, Before Trump's Inauguration, CPI May Exceed Expectations And The Market May Conduct A "Trump Trade" Again, And There Is Still A Risk That U.S. Bond Interest Rates And The U.S. Dollar Index Will Rise Again