【CITIC Securities: It is expected that the Federal Reserve will consecutively cut interest rates three times this year】Golden Finance reports that CITIC Securities research report states that Powell's speech at the Jackson Hole central bank summit aligns with our previous expectations, emphasizing the downside risks in the job market and continuing the viewpoint from the July monetary policy meeting that 'tariff inflation is a one-time event,' paving the way for a rate cut in September. We maintain our previous view that the Federal Reserve will consecutively cut interest rates three times this year, with each cut of 25bps. Regarding the adjustment of the monetary policy framework, the Federal Reserve has abandoned the average inflation targeting system, returning to a flexible inflation targeting system, and has revised the wording to emphasize attention to 'two-way' risks in the job market.