Golden Finance reports that Bank of America expects that due to concerns about inflation, the aggressive tariffs of the Trump administration may force the Federal Reserve into a wait-and-see mode. The bank's U.S. economist Aditya Bhave stated in a report to clients on Wednesday, "An increasing number of signs indicate that inflation is on the rise," and considering the timing of the government transition, the Federal Reserve may have completed its last rate cut of this cycle. "Even before we consider fiscal easing or tariffs, inflation is already a concerning issue. These policy changes will pose an upside risk to the Federal Reserve's core PCE forecast (our prediction is 2.8% by the end of 2025)," Bhave said. He referred to the Personal Consumption Expenditures Price Index, which is the Federal Reserve's preferred inflation indicator. "Therefore, if Trump announces high import tariffs shortly after taking office, the Federal Reserve may not cut rates further," he added. (Golden Ten)