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Uncertainty Surrounds Expectations for US Fed Interest Rate Cuts; SHFE Tin Prices Remain Rangebound [SMM Tin Morning Brief] Hawkish Fed official and Cleveland Fed President Loretta Mester stated that interest rates are not yet significantly restrictive and should remain stable for some time. In other words, they may be approaching a neutral stance. In the long term, the US economy is resilient and will adapt to a higher interest rate environment. Given that broader financial conditions remain loose, with stock market valuations elevated and equity risk premiums near zero, Mester's remarks contrast with those of Fed Chairman Jerome Powell last month. Mester previously noted that even after last year's interest rate cuts, rates remain substantially restrictive. She also emphasized that a patient approach would allow time to monitor the labour market and inflation trajectory, as well as the overall economic performance under the current rate environment. It is crucial to track inflation expectations and other indicators to assess whether financial conditions align with the Fed's anti-inflation efforts. Following her comments, US equities extended losses, with the Nasdaq closing down over 2.3%. Mester is a voting member of the FOMC next year. Yesterday, spot market transactions showed some improvement. With a significant pullback in tin prices, some downstream enterprises began purchasing and restocking, leading to an increase in order volumes. Most traders reported transactions of around one truckload, with many clients opting for pricing on delivery. During the night session, tin prices fluctuated rangebound, with the downward trend temporarily easing. Some downstream enterprises adopted a wait-and-see approach, anticipating better purchasing prices.