According to Jinshi Data, Barclays Bank stated that one of the factors that may keep U.S. interest rates high is U.S. inflation policy. In the December meeting, some FOMC participants reflected expectations about tariffs in their inflation forecasts.Although Powell did not explicitly answer the Federal Reserve's view on tariff-related price increases, it is expected that tariffs will exacerbate inflation in the second half of 2025, making interest rate cuts a challenge for the Federal Reserve.Barclays Bank expects the Federal Reserve to pause interest rate cuts after June next year and to resume cuts around mid-2026, anticipating two 25 basis point cuts in 2026, with a terminal rate of 3.25-3.50%.