【Strategist: The Fed's 'recalibration' of rate cuts may have ended, facing uncertainty in the future】Golden Finance reports that global macro strategist Duncan Balsbaugh stated that we expect Fed Chairman Powell to explain at the post-decision press conference that the 'recalibration' of rate cuts has ended. This means that the practice of automatically cutting rates at each meeting to lower the level of real interest rate constraints has come to an end. This highlights uncertainty, which will lead to more neutral to accommodative modes, depending on the data. Regarding the many issues that may arise from the Trump trade, as well as the topics of tariffs and tax inflation, we believe Powell will reiterate that the FOMC will only respond after actual executive actions or legislation, rather than executing policy actions prior to any changes.