According to online reports, Salman Ahmed, global head of macro and strategic asset allocation at Fidelity International, said that considering the inflationary space of next year's fiscal stimulus policy, the Federal Reserve's terminal interest rate may bottom out at a level above pricing. In fact, if the impact of reflation-driven inflation and tariff policy-driven inflation return, interest rates may have to be put on the agenda. The Federal Reserve cut interest rates by 25 basis points as expected and adjusted its wording to be more cautious about the future monetary policy path. Even in December, data binding rose a notch as Powell dropped any guidance on the speed and size of interest rate cuts.