For 2025, economists at J.P. Morgan predict that the Federal Reserve will lower interest rates every other meeting from March next year until they reach 3.5%, compared to the previous forecast of 3%. Nomura's team expects only one interest rate cut in 2025, and monetary policy will remain unchanged until the inflationary shock caused by (potential) tariffs subsides. Previously, Trump had repeatedly stated during the campaign that if elected president, he would impose tariffs of 10% to 20% on all imported goods.