Goldman Sachs predicts that the Federal Reserve will initiate its first annual rate cut in March 2025, with the tapering ending in the second quarter. Barclays Bank expects that the Federal Reserve may pause rate cuts in June 2025, while Morgan Stanley anticipates two rate cuts in 2025. The four forecasts suggest that inflation caused by tariffs could present a normal dilemma for the Federal Reserve, with expectations of policy tightening or the dollar showing a high-level fluctuation trend.