According to online reports, Lazard's chief market strategist Temple said that Lazard still does not expect the Federal Reserve to cut interest rates in 2025 due to inflation risks. He said that Lazard's views are significantly different from the market consensus, which generally believes that there may be three interest rate cuts this year. "My view is inconsistent with the consensus because I expect U.S. tariffs to expand in scope and scale by 2025, driving up inflation," Temple said. He said another acceleration in inflation will not necessarily lead to interest rates, but rising price pressures may prevent the Fed from easing policy even as unemployment rises.