Golden Finance reported that Allianz chief adviser El Elian expects the Federal Reserve to cut interest rates only once this year, which is in sharp contrast to the market and the Federal Reserve's expectations. The market has fully priced expectations for at least two interest rate cuts in 2025, and there is a chance that there will be a third rate cut. Overall, they expect to cut interest rates by about 70 basis points this year, with a 25 basis point cut for the first time in July. Meanwhile, the Fed's latest dot chart only requires a rate cut twice. Erian said the Fed was “dove in nature,” adding that he was concerned that the Fed ignored weak economic data and said the upcoming tariffs were temporary before really understanding the details of these tariffs and how countries would respond.