According to reports on January 15, Pulse analyst Tim Murray said in a report that U.S. President-elect Trump’s tariffs and immigration proposals may increase inflation, which may force the Federal Reserve to stop cutting interest rates. Or even raise interest rates. The capital markets strategist said this could lead to significant market volatility. "The energy and financial sectors may benefit from a friendlier regulatory environment, while renewable energy companies may come under pressure if parts of the Inflation Reduction Act are repealed," he said. Hardline trade policies that increase tariffs could impact to non-U.S. stocks and cause volatility in the affected industries.