According to the global investment management survey first published by the Franklin Templeton Research Institute, the Fed will cut interest rates four times this year, in line with the predictions of the futures market, one more time than the three predicted by the Fed's dot plot. It is expected that the federal funds rate will reach 4.30% by the end of the year, compared to 4.63% predicted by the Fed's dot plot. By the end of the year, the 30-year mortgage rate in the United States is expected to drop from nearly 6.7% to around 5.6%. The above survey shows that global economic growth will be lower than market expectations in major regions, with a significant slowdown in the European economy. Inflation will continue to slow down, but at a slower pace than market expectations, and will remain above the central bank's target level. The S&P 500 index is expected to be around 4744 points at the end of the year, unchanged from the beginning of the year. U.S. corporate earnings are expected to grow by 5.8%, much lower than the market's expectation of 9.7%. Value stocks have more potential than growth stocks, and the U.S. and emerging markets are more promising than developed markets outside the U.S. The survey above predicts that the two-year Treasury bond yield will decrease significantly, while the ten-year yield will only decrease slightly. Municipal bonds will continue to be a high-quality diversified investment choice, offering attractive tax-free returns. As the default rates on high-yield bonds continue to rise and have approached historical averages, investment-grade bonds will be more favored in the market.