According to online reports, Deutsche Bank's economic team holds Wall Street's most hawkish view of the Fed's policies in 2025. They predict that the Fed will not cut interest rates this year. While this remains the team's official position, chief U.S. economist Matthew Luzzetti acknowledged that the impact of Trump's new tariffs could jeopardize that forecast. "You're definitely starting to see some negative impact of trade uncertainty in economic data," Luzzetti said."If that impact expands and is reflected in weak labor market data, the Fed could cut interest rates this year." However, Luzzetti said Deutsche Bank wanted to see how long the tariffs would last before changing its forecast for the Fed.