Online reports, Bank of America analysts wrote that Trump's trade, fiscal and immigration policy agenda is expected to trigger moderate inflation, and predicted that these changes will be reflected in inflation in the second half of 2025. They noted that any additional tariffs in the coming weeks could move the timetable forward. "A key question is whether policy changes will affect long-term inflation expectations," they said. They added that market-based measures of inflation remained within historical ranges. Bank of America reiterated its position that the Federal Reserve's interest-rate cut cycle is over, inflation is "above target," and it expects both overall and core CPI to increase by 0.3% month-on-month in January. "If our forecast for January CPI is correct, the Fed's case for holding back will be further strengthened," they wrote. (Jin Shi)