Lazard still expects the Fed to cut interest rates in 2025 due to inflation risks, Golden Finance reported. He said that Lazard's views differ significantly from market consensus, and the market generally believes that there may be three rate cuts this year. “My point of view is not consistent with the consensus because I expect that by 2025, U.S. tariffs will expand and scale and drive up inflation,” Temple said. He said another acceleration in inflation would not necessarily lead to rate hikes, but rising price pressures could prevent the Fed from relaxing its policies amid rising unemployment.