According to online reports, Saira Malik, head of Nuveen Equities and Fixed Income, said that the overall impact of the tariffs announced so far this year on U.S. real GDP growth may be about minus 1.7%. She said in a report that the tariffs would also increase core PCE by 2.0% this year, the Fed's favored inflation barometer. Its latest figure for February was 2.8%. Because the tariffs announced so far are higher than expected, Nuveen believes the risks tilt towards further Fed interest rate cuts. "Our probability-weighted guidance has increased from four Fed rate cuts in 2025 and 2026 to 6.6 rate cuts, while our fair value assessment of the 10-year Treasury yield has dropped from 4.5% to 4.0%," she said.