[Fidelity International: Market expectations for the Fed's final interest rate may be too low] Golden Finance reported that Salman Ahmed, global head of macro and strategic asset allocation at Fidelity International, said that given the room for reflation from fiscal stimulus policies next year, the Fed's terminal interest rate may bottom out at a level above pricing. In fact, if the shock of reflation and inflation driven by tariff policies return, interest rate hikes may have to be put on the agenda. As expected, the Fed cut interest rates by 25 basis points and adjusted its wording to be more cautious about the future path of monetary policy. Even in December, data constraints rose a notch as Powell abandoned any guidance on the pace and scale of rate cuts.