During the meeting tomorrow, most likely Chairman Powell is going to highlight it's going to be a meeting by meeting approach. The dot plot should be roughly similar to last time. Market will pay attention to risk assessment going forward - if more balanced, it might set a more hawkish tilt.

It is pretty divided since previous few meetings. It seems right now as a risk management move and they are focusing more on the labor market weakness from recent few data points.

Right now we are expecting two more after tomorrow, probably two more 25 basis point cuts by middle of 2026. Expect the rate to reach neutral level around 3% by mid-2026.

Going forward with Fed chair election process still in progress, focus will still be there. Also because of fiscal deficit or Fed independence remains in question.

Given current earnings momentum and economic growth still relatively resilient, that should sustain for first half of 2026 and be constructive on equities. As fiscal support wanes and inflation remains sticky in second half, we advise investors to move to more balanced stock-bond portfolio and look for alternative income assets.

For AI, we remain constructive on data centers and computing power. But difference to 2025 - there will be more divergence going forward. Identifying or being active in company selection remains key.