IG market strategist Yeap Jun Rong wrote in a report that the trajectory of future interest rate cuts by the Federal Reserve may depend on Trump's policies, which are still unclear at this stage. Yeap mentioned that Trump’s initial comments about tariffs sounded very aggressive; however, the extent of these measures' implementation is uncertain. As policies become clearer, the Federal Reserve may initially lean towards a shallower rate-cutting cycle. He added that with the conclusion of the Federal Reserve meeting, the Bank of Japan maintained interest rates as expected, and it is anticipated that the US stock market may gradually rise in the last few weeks of 2024. However, Yeap noted that due to a lack of further catalysts, new record highs may not be reached by the end of the year.