：The pace of Federal Reserve rate cuts will be key to the market, and it is expected that the stock market will enter a consolidation phase in the short term.

ChainThink report, September 15, Morgan Stanley pointed out that the stock market trend depends on the extent of weak U.S. employment data and whether the Federal Reserve cuts interest rates quickly enough. Traders generally expect a 25-basis-point rate cut this week, but persistent inflation pressures may slow down the Fed's decision-making pace. The bank expects the stock market to enter a consolidation phase in the short term, but maintains a long-term bullish outlook, based on strong corporate earnings performance, the S&P 500 index is targeted to reach 7,200 points by mid-2026. It recommends overweighting small-cap stocks and reflation trading strategies, and taking advantage of lower levels to position for the year-end rally. (Bloomberg)