The market expects that the Federal Reserve's monetary policy will be significantly different from that of the European Central Bank next year, as higher economic growth and inflation expectations in the United States will exacerbate the differences between the two major economies. Market pricing shows that by the end of next year, the Fed's rate cuts will be only half of those of the ECB, which is facing sluggish economic growth and inflation below target. Jennifer McKeown, Chief Global Economist at Capital Economics, stated: 'We expect that due to the rising inflation risks, the Fed will adopt a relatively cautious stance, while the ECB will respond strongly to economic weakness, leading to a divergence in their easing cycles.' (Golden Ten)