In a report, Mohit Kumar, an economist at the economic research firm Jefferies, stated that the recent substantial shifts in market expectations for interest rate cuts by the Federal Reserve, including the expectation of a potential cut of up to 125 basis points this year, may be overestimated and fail to accurately reflect the current economic situation. According to Jefferies, there will be no large-scale interest rate cuts by the Federal Reserve in its meeting in September and within the year, regardless of strong market expectations, as the economic fundamentals have not significantly changed. Therefore, it is expected that the market's pricing for interest rate cuts will be adjusted downwards.