The Trump administration's radical tariff policy may lead to further inflation, but economic models indicate that this will be a one-time increase in price levels rather than a long-term inflation spiral. Wells Fargo & Co economist Jay Bryson stated that this might persuade the Federal Reserve to be more patient in addressing inflation triggered by tariffs, especially in light of the continued slowdown in the labor market. His view supports Wells Fargo & Co's baseline expectation that the Federal Reserve will cut interest rates three more times this year, each by 25 basis points. However, Bryson warned that if the trade war becomes more protracted, such as through a series of tit-for-tat international reprisals, the Federal Reserve may have to take the inflation consequences more seriously.