According to online reports, Federal Reserve Governor Waller said that not all tariffs will be passed on to consumers; the Federal Reserve's current policies are still restrictive. The Federal Reserve can cut interest rates for positive and negative reasons, and still believes that good prospects for interest rate cuts still exist. Waller said that he did not see the need to cut interest rates in March and that the Federal Reserve might cut interest rates after March; the median expectation of two rate cuts in 2025 remained reasonable.