Golden Finance reported that Bank of America expects that the Trump administration's aggressive tariffs may force the Federal Reserve into wait-and-see mode due to concerns about inflation. The bank's U.S. economist Aditya Bhave said in a report to clients on Wednesday that "there are increasing signs that inflation is trending upward," and given the timing of the change of government, the Fed may have completed its last rate cut in this cycle. "Inflation is already a concern even before we consider fiscal easing or tariffs. These policy changes will pose an upside risk to the Fed's core PCE forecast (our forecast is 2.8% by the end of 2025)," Bhave said. He was referring to the personal consumption expenditures price index, the Fed's preferred inflation indicator. "Therefore, if Trump announces high import tariffs shortly after taking office, the Fed may not cut interest rates further," he added. (Jinshi)