SEI Chief Investment Officer Jim Smigiel stated in a research report that the Federal Reserve may still cut interest rates, but the process of this round of cuts may be more than halfway through. He asked: "Will the Federal Reserve cut rates again?" He stated: "We think it is possible, but the facts indicate that we are closer to the end of the rate-cut cycle." He noted that while increasing government efficiency and cutting costs are also on the agenda of usa's President-elect Trump, the possibility of rising inflation is greater. "Essentially, the Federal Open Market Committee (FOMC) will have to cut rates again in December, and then may pause cuts in 2025, to avoid a rapid reversal in the interest rate path after the Federal Reserve cuts by 50 basis points."