Golden Finance reported that last week, the Fed’s tone became more hawkish. It expects inflation to be higher in 2025 than previously forecast and has reduced the number of rate cuts expected next year. Neil Datta, an analyst at Renaissance Macro, wrote that in an economic environment that appears to be slowing, the Fed may be in a disadvantageous position and return to a more dovish stance. He suspected that expectations for Trump administration policies — which Powell acknowledged some Fed officials are now taking into account — will lead to changes in next year’s forecasts, with the Fed “appearing to be setting the stage for a potential tariff hit by slowing the pace of rate cuts.” Take precautions”. "This is dangerous given that the economy's underlying momentum appears to have diminished," Datta wrote.