Golden Finance reported that Deutsche Bank released a report on this week's FOMC meeting, which stated that the Fed meeting reinforced our basic view that the skip (rate cut) at the January meeting may turn into an extended pause in 2025. (rate cut). We continue to believe that the nominal neutral rate is around 3.75% and that it is necessary for the Committee to remain restrictive relative to that level. Therefore, we reiterate our view that the federal funds rate is likely to remain above 4% next year, with the base case being no further rate cuts. The report also noted that some Fed participants have begun incorporating the potential economic impact of President-elect Trump's policies into their forecasts, which could lead to higher inflation forecasts in 2025 and 2026. On the labor market, Powell described it as solid but noted that current levels of job creation are below what is needed to maintain a stable unemployment rate.