According to Golden Finance, Gennadiy Goldberg, head of U.S. interest rate strategy at TD Securities: The Fed has sent a signal that they will not be as dovish as they have been in the past, and they tend to cut interest rates less next year. I think this is a signal that the market will continue to Priced with less than two rate cuts, it could be heading towards zero cuts if the data is strong enough. If the Fed doesn't see inflation falling enough, they won't be willing to keep cutting rates.