According to online reports, Brad Bechtel, global head of foreign exchange at Jefferies Group, said that responding to expected fiscal policy changes is beyond the scope of the Fed's responsibility, but it will become the focus of attention of Fed officials. "Powell has proven to be very effective at communicating and keeping the ball in the middle of the fairway," Bechtel said."I don't think he will necessarily talk explicitly about any increased spending, but he knows in his heart that it will have a positive impact on the economy." Bechtel predicts that the Fed may cut interest rates further this year, but may keep rates stable next year at levels higher than they were during the Harris administration."