Golden Finance reported that global macro strategist Duncan Balsbaugh said that we expect Federal Reserve Chairman Powell to explain at the press conference after the resolution that the "recalibration" of interest rate cuts is over. This means that the practice of automatically cutting interest rates at each meeting to lower the level of the real interest rate limit has ended. This highlights uncertainty that will lead to more neutral to accommodative patterns, depending on the data. On the numerous issues that could arise from a Trump deal, as well as talk of tariffs and tax inflation, we think Powell will reiterate that the FOMC will only respond after actual executive action or legislation, rather than in advance of any changes.