Federal Reserve Governor Michelle Bowman said on Thursday that she supported last month's interest rate cut as the last rate cut by the Fed in the near future, emphasizing that as the risk of inflation rises, a cautious approach should be taken in the future. At the same time, Kansas City Fed President Jeff Schmid It also expressed caution on future interest rate cuts on Thursday. (Preliminary summary: The Fed’s interest rate cut expectations are limited, US stocks are correcting, and Trump is about to take office... What do analysts think of the BTC market outlook?) (Background supplement: December FOMC meeting minutes: The Federal Reserve is worried about Trump’s tariff policy. In December last year, the Federal Reserve voted 11 in favor and 1 against to cut interest rates by 1%, lowering the main lending rate to a range of 4.25% to 4.50%. However, as the Trump administration After Trump takes office, he may implement policies such as high tariffs, which may cause high inflation to return. Bank of America predicted this week that the Federal Reserve may have completed the last round of interest rate cuts last month. Was last December’s rate cut the last in the near future? It is worth noting that Federal Reserve Governor Michelle Bowman said on Thursday that she supported cutting interest rates last month. She regarded it as the "final step" in the Fed's monetary policy adjustment, emphasizing that due to rising inflation risks, future measures should be taken. Cautious, she said in a speech prepared to be delivered to the California Bankers Association: We should also avoid presupposing the future policy direction of the new government. We should wait for clearer information and try to understand its impact on economic activity, the labor market and the The impact of inflation. This is the first time Michelle Bowman has spoken publicly since it was reported that she is expected to become the vice chairman of the Federal Reserve in charge of banking supervision. The Trump administration is considering her to replace Vice Chairman Michael Barr, who announced his resignation this week. Barr has been strongly criticized for her regulatory approach and is expected to adopt a lighter touch if she takes over. Bank of America's latest recent forecast also points out that if the Trump administration's aggressive tariff policy is implemented, the Fed may suspend interest rate cuts this year... Considering that Trump is about to take office, the Fed may have completed the "last interest rate cut" of this easing cycle last month. On monetary policy, Michelle Bowman took a hawkish stance, expressing concern that inflation progress may stall. She cited upside risks including "pent-up demand" released after the presidential election in November, pointing out that a rise in stock markets may As a result, it is difficult to further alleviate inflationary pressures, and the recent rise in the 10-year U.S. Treasury yield partly reflects the market's concerns about inflation risks: I still prefer prudent and gradual policy adjustments. Schmid estimates that the 2% inflation target will only be achieved in 2026. As Michelle Bowman spoke, Kansas City Fed President Jeff Schmid also expressed caution on future interest rate cuts on Thursday, pointing out that the U.S. economy has shown resilience and inflation remains above 2% target level: With inflation approaching target and economic growth continuing to gain momentum, I believe we are approaching a stage where the economy no longer needs tightening or stimulus and monetary policy should remain neutral. In the current environment, Jeff Schmid said that interest rates may now be very close to long-term levels. He supports gradual adjustments to policy in the future and only adjusts when data trends continue to change. He emphasized the strong performance of the economy and allowed the Fed to be patient. Jeff Schmid predicts that the Fed will not achieve its 2% inflation target until 2026. He pointed out that the final stage of reducing inflation to 2% may be the most challenging for monetary policy, and the Fed The Fed's quantitative tightening is in conflict with interest rate cuts to some extent. He expects the Fed to further shrink its balance sheet, but there is still uncertainty about the final scale of the balance sheet reduction: I hope the balance sheet can be further reduced this year, and I hope the Fed will further shrink its balance sheet. As we move toward a portfolio holding all U.S. Treasuries, we should minimize the impact on relative asset prices, which means gradually exiting holdings of real estate mortgage-backed securities (MBS). Related reports: Trump is rumored to be considering declaring a "U.S. economic emergency" to launch new tariff policies. Small non-farm employment is lower than expected, strengthening confidence in interest rate cuts. Bank of America warns: Trump's high tariff plan may exacerbate inflation, and the Federal Reserve may not meet again this year Interest rate cut Fed board members: The Fed will be more cautious in cutting interest rates, and U.S. stock valuations are too high and prone to sharp corrections. "Is the interest rate cutting cycle over? Bank of America: Trump's tariffs threaten inflation, and the Fed may not cut interest rates again this year." This article was first published on BlockTempo is the most influential blockchain news media.