Federal Reserve Governor Christopher Waller said he continues to see a path to interest-rate cuts later this year amid his expectations that tariffs will boost unemployment and temporarily increase inflation.

Steve Chiavarone, head of multi-asset solutions at Federated Hermes, crystalized the market’s view of where the Federal Reserve is heading on interest rates in one sentence.  “I think they’re going to cut this year — I just think they don’t know it yet,

Expectations for the next interest rate cut by the Federal Reserve keep changing, in the backdrop of continued tariff uncertainty and fiscal concerns. For now, the Fed will likely stick to its wait-and-see stance for the next few months.