In a report following the release of inflation data in December, Barclays economists wrote that the Bank of Thailand might lower interest rates twice this year. With inflation remaining within the Bank of Thailand's target range of 1% to 3%, Barclays believes that monetary policy will continue to focus on balancing economic growth and financial stability. The central bank may not cut rates too many times, nor is it likely to reduce rates below 1.75%, as it tends to preserve policy space and keep rates at a sufficiently high level to prevent the accumulation of financial stability risks. Barclays believes that 1.75% is the terminal rate for this cycle. The Bank of Thailand has emphasized the growth risks brought about by global uncertainty, which may ease once the USA's trade tariffs become clearer.