Alvin Liew, a senior economist at UOB, wrote in a report that the Federal Reserve might cut interest rates by 75 basis points next year. He stated that it is not surprising that the Federal Reserve hinted at a potential slowdown in easing in the future, but the market was shocked by the reduction in the expected magnitude of future rate cuts. UOB indicated that the reduction in the expected number of rate cuts reflects an expectation of increased inflationary pressure due to potential trade tariffs that the USA might impose after the Trump administration takes office. UOB maintains that the Federal Reserve will cut rates three times next year, until Trump's policies become clearer in early 2025.