The Fed will cut interest rates by 25 basis points in September, starting a new round of easing. The cumulative rate cut this year will be 50 basis points, and next year it will cut another 100 basis points. The risk of rate cuts is more likely to be earlier than later. S&P's fundamental view is that the Fed will steadily and intermittently carry out a series of rate cuts, which will help the Fed achieve a soft landing.