Internet reports that the Federal Reserve is expected to leave policy rates unchanged this week, but economists at Barclays warned that the impact of tariff shocks could be more severe than the FOMC showed in its Summary of Economic Forecasts (SEP). "We believe the risks this year tend to delay interest rate cuts," they said in a research note. Barclays expects that the Federal Reserve's SEP will show an increase in inflation and unemployment expectations and a decline in GDP growth, but Barclays economists expect a GDP slowdown and an increase in inflation to be greater than the SEP. They added: "Although we expect SEP to show that the benchmark interest rate will be cut once this year, we still believe that the committee will ultimately cut interest rates twice in June and September this year, by 25 basis points each time." (Jin Shi)