Jefferies financial forex global head Brad Bechtel stated that reacting to anticipated fiscal policy changes goes beyond the Federal Reserve's scope of responsibilities, but this will become a focus for Federal Reserve officials. "Powell has proven himself to be very effective in communication, adept at keeping the ball in the fairway," Bechtel said, "I don't think he will necessarily address any issues of increased spending explicitly, but he knows internally that this will have a positive impact on the economy." Bechtel expects the Federal Reserve to potentially further cut interest rates this year, but next year it may maintain rates stable at a level higher than during the Harris administration period.