【Goldman Sachs: Expects the Federal Reserve to cut rates by 25 basis points in September, five-year U.S. Treasuries are the best trading choice before the rate cut】According to Golden Finance, Goldman Sachs' Chief Strategist for Global Banking and Markets, Shifrin, stated that in the context of a potential rate cut by the Federal Reserve, five-year U.S. Treasuries are currently the most attractive trading choice. He pointed out that the yield on five-year Treasuries has investment value in the 3%-4% range and can provide protection during times of rising market risks. The current yield on five-year U.S. Treasuries is 3.85%, significantly down from 4.38% at the beginning of the year. A Reuters survey shows that 61% of economists expect the Federal Reserve to lower the benchmark interest rate by 25 basis points to the 4%-4.25% range at the September meeting. Goldman Sachs expects that, considering the slowdown in real GDP growth and rising unemployment rates, the Federal Reserve may start a rate-cutting cycle in the fourth quarter of 2025 and continue to implement easing policies in 2026, ultimately adjusting the policy rate to a level of 3%-3.25%. (Golden Ten)